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. Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Totals Transactions for Year 2 Debit $5,060 19, 120 23,840 $48,020 Credit 7. The company collected $80,540 cash from accounts receivable. 8. A cash payment of $45,470 was paid on accounts payable. $1,605 8,875 18,600 18,940 $48,020 1. LGS acquired an additional $10,500 cash from the issue of common stock. 2. LGS purchased $61,200 of inventory on account. 3. LGS sold inventory that cost $63,000 for $93,300. Sales were made on account. 4. The company wrote off $990 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Company The note had an 6 percent interest rate and a one-year term. 6. LGS paid $16,060 cash for operating expenses. 9. The company paid a $5,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,500. 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 1.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2.

Record the given transactions in general form.

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 $10,500 cash from the issue of common stock. 2. L.GS purchased $61,200 of inventory on account. 3. LGS sold inventory that cost $63,000 for $93,300. Sales were made on account. 4. The company wrote off $990 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Company The note had an 6 percent interest rate and a onc-year term. 6. LGS paid $16,060 cash for operating expenses. 7. The company collected $80,540 cash from accounts receivable. 8. A cash payment of $45.470 was paid on accounts payable 9. The company paid a $5.200 cosh dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,500. 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 1.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. 1. LGS acquired an additional $10,500 cash from the issue of common stock. 2. LGS purchased $61,200 of inventory on account. 3. LGS sold inventory that cost $63,000 for $93,300. Sales were made on account. 4. The company wrote off $990 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Company The note had an 6 percent interest rate and a one-year term. 6. LGS paid $16,060 cash for operating expenses. 7. The company collected $80,540 cash from accounts receivable. 8. A cash payment of $45,470 was paid on accounts payable. 9. The company paid a $5,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,500. 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 1.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. Required a. Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.)