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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, Yeart Credit Debit $ 9,000 41.000 $ 2,500 78.000 Cash Recounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Totals 21,000 50,000 50, 500 $120,000 $128,000 Transactions for Year 2 1. LGS acquired an additional $20,000 cash from the issue of common stock 2. LGS purchased $85,000 of Inventory on account. 3. LGS sold Inventory that cost $91,000 for $160,000. Sales were made on account 4. The company wrote off $900 of uncollectible accounts 5. On September 1, LGS loaned $18,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. LGS paid $19,000 cash for operating expenses. 7. The company collected $161,000 cash from accounts receivable. 8. A cash payment of $92,000 was paid on accounts payable. 9. The company paid a $5,000 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $7.000. The cost of goods sold was $4,000. The credit card company charges a 4% service charge. The cash has not been received 11. Uncollectible accounts are estimated to be 1 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. Required a. Record the above transactions in general Journal form. (If no entry is required for a transaction/event, select "No journal ent required" in the first account field.) View transaction list Journal entry worksheet B C D E F F G H N Record the issuance of additional common stock. Note: Enter debits before credits Event General Journal Debit Credit 01 Record entry Clear entry View general journal

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