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Required information [The following information applies to the questions displayed below.] The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier
Required information [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. Transactions for Year 2 1. LGS acquired an additional $11,700 cash from the issue of common stock. 2. LGS purchased $61,000 of inventory on account. 3. LGS sold inventory that cost $62,100 for $93,100. Sales were made on account. 4. The company wrote off $1,190 of uncollectible accounts. 5. On September 1, LGS loaned $8,500 to Eden Company The note had an 7 percent interest rate and a one-year term. 6. LGS paid $15,230 cash for operating expenses. 7. The company collected $86,530 cash from accounts receivable. 8. A cash payment of $48,310 was paid on accounts payable. 9. The company paid a $5,900 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,200. The cost of goods sold was $1,800. The credit card company charges a 4 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 3 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. . Open T-accounts and record the beginning balances and the Year 2 transactions. (Round your answers to nearest whole dolla \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Interest Revenue } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & \\ \hline \hline \end{tabular}
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