Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, 7-6 [The following information applies to the questions displayed below.] The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Debit Credit Cash Accounts receivable. $5,090 16,235 Allowance for doubtful accounts $2,230 Inventory 25,990 Accounts payable 9,675 Common stock Totals 22,000 Retained earnings 13,410 $47,315 $47,315 Transactions for Year 2 1. LGS acquired an additional $11,900 cash from the issue of common stock. 2. LGS purchased $61,700 of inventory on account. 3. LGS sold inventory that cost $60,200 for $93,500. Sales were made on account. 4. The company wrote off $1,100 of uncollectible accounts. 5. On September 1, LGS loaned $8,000 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $14,270 cash for operating expenses. 7. The company collected $74,860 cash from accounts receivable. 8. A cash payment of $45,190 was paid on accounts payable. 9. The company paid a $4,300 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,200. The cost of goods sold was $1,900. The credit card company charges a 3 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 3.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2.. 10. Accepted credit cards for sales amounting to $3,200. The cost of goods sold was $1,900. The credit card company charges a 3 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 3.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. Exercise 7-15A (Algo) Part b b. Open T-accounts and record the beginning balances and the Year 2 transactions. (Round your answers to nearest whole dollar.) Cash Accounts Payable Beginning Balance 5,090 8,000 Beginning Balance. 1. 11,900 14,270 6. 7. 74,860 45,190 8. 4,300 9. Ending Balance 20,090 Ending Balance Accounts Receivable Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance