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	$5,480
Accounts receivable	19,700
Allowance for doubtful accounts		$1,870
Inventory	25,080
Accounts payable		7,940
Common stock		19,400
Retained earnings		21,050
Totals	$50,260	$50,260

Transactions for Year 2

1. LGS acquired an additional $9,000 cash from the issue of common stock.
2. LGS purchased $60,100 of inventory on account.
3. LGS sold inventory that cost $61,300 for $97,000. Sales were made on account.
4. The company wrote off $1,340 of uncollectible accounts.
5. On September 1, LGS loaned $8,000 to Eden Company The note had an 9 percent interest rate and a one-year term.
6. LGS paid $15,170 cash for operating expenses.
7. The company collected $75,180 cash from accounts receivable.
8. A cash payment of $45,990 was paid on accounts payable.
9. The company paid a $4,500 cash dividend to the stockholders.
10. Accepted credit cards for sales amounting to $3,600. The cost of goods sold was $1,900. 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.

b. Open T-accounts and record the beginning balances and the Year 2 transactions. (Round your answers to nearest whole dollar.) Beginning Balance 1. [7. Ending Balance Beginning Balance 3a Ending Balance Beginning Balance 4. Cash 5,480 9,000 75,180 16,000 Accounts Receivable 19,700 97,000 180 Allow. For Doubt. Acct. 1,340 8,000 5. 15,170 6. 45,990 8. 4,500 9. 1,340 4. 75,180 7. 1,870 2,910 11. 3,440 Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Accounts Payable 0 Common Stock Retained Earnings