Required information Exercise 7-15A 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 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,340 19,105 1,950 22,510 10,585 19,600 15,820 Transactions for Year 3 1. Acquired an additional $9,600 cash from the issue of common stock. 2. Purchased $58,600 of inventory on account. 3. Sold inventory that cost $63,000 for $95,100. Sales were made on account. 4. The company wrote off $1,040 of uncollectible accounts. 5. On September 1, LGS loaned $10,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $14,580 cash for operating expenses. 7. The company collected $80,120 cash from accounts receivable. 8. A cash payment of $51,020 was paid on accounts payable. 9. The company paid a $4,400 cash dividend to the stockholders. 10. Uncollectible accounts are estimated to be 1 percent of sales on account. 11. Recorded the accrued interest at December 31, Year 3 (see item 5). a. Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 3 = Liabilities + Notes Interest Accounts Receivable Receivable Payable Event Assets Merchandise Allowance + Inventory Stockholders' Equity Common Retained Stock Earnings Accounts Titles for Retained Earnings Accounts Receivable Cash + + + + Bal. + + + + + II + 1. + + + + + + 2. + + + + + + . + + + + 3b. + + + + 4. + + + + + 5. + + + + + + + + + + + + + + + + + + + + 6. + + + 7. + + + + + 8. + + + + + + + 9. + + + 10. + + + + + 11. + + + + + + + + Bal. 0 0 + 0 + 0 + 0 0 + 0 +