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 $ 5,940 16,850 1,705 24,860 10,490 21,400 14,055 Transactions for Year 3 1. Acquired an additional $10,700 cash from the issue of common stock. 2. Purchased $59,000 of inventory on account 3. Sold inventory that cost $60,400 for $93,000. Sales were made on account. 4. The company wrote off $1,240 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Co. The note had an 6 percent interest rate and a one- year term. 6. Paid $14,850 cash for operating expenses. 7. The company collected $72,270 cash from accounts receivable. 8. A cash payment of $53,600 was paid on accounts payable. 9. The company paid a $5,400 cash dividend to the stockholders. 10. Uncollectible accounts are estimated to be 2 percent of sales on account. 11. Recorded the accrued interest at December 31, Year 3 (see item 5). Required information LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 3 = Liabilities - Notes Notes Interest Interest Accounts Receivable Receivable Payable Event Assets Accounts + Merchandise All * Receivable - Allowance + Merchandise Inventory Stockholders' Equity Common Retained Stock Earnings Cash 0 0. 00 SUPPLIER (LGS) on for the Year 3 = Liabilities + it Accounts ble Payable Stockholders' Equity Common 1. Retained Stock Earnings Accounts Titles for Retained Earnings