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Required information [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 acquired an additional $9,000 cash from the issue of common stock. 2. LGS purchased $60,000 of inventory on account. 3. LGS sold inventory that cost $63,000 for $93,600. Sales were made on account. 4. The company wrote off $1,460 of uncollectible accounts. 5. On September 1, LGS loaned $9,000 to Eden Company The note had an 7 percent interest rate and a one-year term. 6. LGS paid $16,400 cash for operating expenses. 7. The company collected $83,300 cash from accounts receivable. 8. A cash payment of $47,150 was paid on accounts payable. 9. The company paid a $4,100 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,200. The cost of goods sold was $1,800. The credit card company charges a 4 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 2 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. a. Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) b. Open T-accounts and record the beginning balances and the Year 2 transactions. (Round your answers to nearest whole dollar.)

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