The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2017: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,280 17,290 $ 2,320 23,770 8,900 20,300 14,820 Transactions for 2018 1. Acquired an additional $10,500 cash from the issue of common stock. 2. Purchased $59,300 of inventory on account. 3. Sold inventory that cost $64,000 for $96,400. Sales were made on account. 4. The company wrote off $1,360 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Co. The note had an 5 percent interest rate and a one-year term. 6. Paid $15,220 cash for operating expenses. 7. The company collected $84,290 cash from accounts receivable. 8. A cash payment of $50,060 was paid on accounts payable. 9. The company paid a $5,600 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, 2018 (see item 5). Event Accounts Titi Cash Accounts Receivable Allowance + Merchandise Inventory Notes Receivable Interest Receivable Accounts Payable + Common Stock Retained Earnings Bal. + + + + + 1. + + + = + + 2. + + + + + + + + + + . + + + + + 3b. + + + + + 4. + + + + + + 5. + + + + + 6. + + + + + + 7. + + + + = + + 8. + + + + + + 9. + + + + + + 10. + + + + + + 11. + + + + + + LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Expenses 0 Total expenses Operating income 0 LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Balance Sheet As of December 31, 2018 Assets 0 $ 0 Total assets Liabilities 0 Total liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 VI Licu lucu CNC vycUTU Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 Event Cash + Accounts Receivable Allowance + + Merchandise Inventory + Notes Receivable Interest Receivable Accounts Payable Common Stock Retained Earnings Bal. + + + = + + 1. + + + + + + 2. + + + + + + 3a. + + + + + 3b. + + + + + 4. + + + + + + 5. + + + + + + 6. + + + + + + 7. + + + + + + 8. + + + + + + 9. + + + + + + 10. + + + + + + 11. + + + + + LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Expenses 0 Total expenses Operating income 0 LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 As of December 31, 2018 Assets 0 $ Total assets Liabilities Total liabilities 0 Stockholders' equity Total assets $ 0 Liabilities Total liabilities 0 Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 Ending cash balance $ 0