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Required information Exercise 7.15A (Algo) Comprehensive single-cycle problem LO 7.1, 7.5, 7.6 [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 acquiredan additional $9.400 cash from the issue of common stock. 2. LGS purchascd $61,400 of inventory on account. 3. LGS sold inventory that cost $63,400 for $94,400. Sales were made on account. 4. The company wrote off $910 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Company The note had an 6 percent interest rate and a one-year term. 6. LGS paid $14,550 cash for operating expenses. 7. The company collected $86,140 cash from accounts recelvable. 8. A cash payment of $46,990 was paid on accounts payable. 9. The company paid a $4,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,300. The cost of goods sold was $2,000. The credit card company charges a 5 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 2.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. \begin{tabular}{|l|l|l|l|l|} \hline & & & \\ \hline \multicolumn{1}{|c|}{M} & 11 & Uncollectible accounts expense \\ \hline & & Allowance for doubtful accounts \\ \hline & & & \\ \hline & & 12 & interest receivable \\ \hline \end{tabular}

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