The following trial balance was prepared for Tile, Etcetera, Incorporated on December 31, Year 1, after the closing entries were posted Credit Debit $130,000 129,000 $20,000 Account Title Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Totals 433,000 99,000 470,000 103,000 $692,000 $692,000 Tile, Etcetera had the following transactions in Year 2: 1. Purchased merchandise on account for $600,000 2. Sold merchandise that cost $440,000 for $930,000 on account 3. Sold for $265,000 cash merchandise that had cost $168,000 4. Sold merchandise for $210,000 to credit card customers. The merchandise had cost $104,000. The credit card company charges a 4 percent fee. 5. Collected $660,000 cash from accounts receivable. 6. Paid $630,000 cash on accounts payable. 7. Pald $149,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Loaned $80,000 to J. Parks. The note had an 9 percent interest rate and a one-year term to maturity. 10. Wrote off $7.900 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9). Required a. Prepare general journal entries for these transactions, and post the entries to T-accounts. Also, prepare an income statement, a statement of changes in stockholders' equity, and a balance sheet for Year 2 A Record the purchase of inventory on account. B Record the sale of merchandise on account. C Record cost of goods sold. D Record the sale of merchandise for cash. E Record cost of goods sold. F Record the sale of merchandise to credit card customer and charge a 4 percent fee. G Record cost of goods sold. H Record cash collected from accounts receivable. 1 Record cash paid on accounts payable. J Record cash paid for selling & administrative expenses. K Record collection of cash for the full amount due from the credit card payment. Record entry for loan granted to J. Parks. for a one year term at 9 percent interest rate. M Record the entry for uncollectible accounts written-off. N Record adjusting entry for uncollectible accounts expense estimated at 1 percent of sales on account. o Record adjusting entry for seven months of accrued interest on the note at December 31, Year 2. Note : Journal entry has been entered Enter the beginning balances and post the entries to T-accounts Accounts Payable Beginning Bolanon Beginning Balance Ending Balance Ending Balance Accounts Receivable Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Allowance for Doubtful Account Beginning wance Retained Earning Beginning Balance Ending Bunce Ending on Merchandise Inventory Sales Reven Beginning Balance Beginning Balance Notes Recalvable Cost of Good Sold Beginning Balance Beginning Balance Ending Balance Ending Balance Interest cevable Creo Card Expose Beginning Balance Beginning Balance Ending Balance Ending Balance Selling and Administrative Expenses Beginning Balance Ending Uncollectible Account Expense Begin Balance Ending Balance Interest Rev ---- Complete this question by entering your answers in the tabs below. Required A General Journal Required A T Required A Inc accounts Stmt Required A Stmt Stkholder Eq Required A Bal Sheet Prepare an income statement. TILE, ETCETERA, INCORPORATED Income Statement For the Year Ended December 31, Year 2 0 Operating expenses Total operating expenses 0 0 Non-operating items $ 0 Complete this question by entering your answers in the tabs below. Required A General Journal Required AT Required A Inc accounts Stmt Required A Stmt Required A Bal Sheet Stkholder Eq Prepare a statement of changes in stockholders' equity. TILE, ETCETERA, INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 $ $ 0 0 Total stockholders' equity 0 0 $ Required A General Required AT Required A Inc Required A Stmt Required A Bal accounts Journal Stmt Sheet Stkholder Eq Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.). TILE, ETCETERA, INCORPORATED Balance Sheet As of December 31, Year 2 Assets 0 $ 0 Total assets Liabilities 0 Total Liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0