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Please write a clear answers and l account Recovered method was used). Paid cash for land. that was previously written off (assume direct write direct write-off id cash for other operating expenses. m 7-26B Comprekensive accounting cycle problem (ases percent of revee erms problem allowance method) rial balance was prepared for Village Cycle Sales and Service on December 31, Year . LO 7-1,7-5,7-6 her the closing entries were posted: Account Title Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Accounts Payable Common Stock Retained Earnings $46,200 21,300 ible. 1350 85,600 28,000 80,000 s, using a e, and NA not affect $153.100 $153.100 Totals Village Cycle had the following transactions in Year 2 1. Purchased merchandise on account for $260,000. 2. Sold merchandise that cost $243,000 on account for $340,.000. 3. Performed $80,000 of services for cash. h Flow FACash Flow Statement is excluded412 Chapter 7 se cost $41,250. The handi Gr 4. Sold merchandise for $60,000 to credit card customers. The merchandise cost $41.2 card company charges a 5 percent fee. 5. Collected $348,000 cash from accounts receivable. 6. Paid S265,000 cash on accounts payable. 7. Paid S115,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $50,000 to Lee Supply. The note had a 9 percent interest rate and a one-year term to maturitny 10. Wrote off $830 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded three months interest on the note at December 31, Year 2 (see item 9). (b) Estimated uncollectible accounts expense to be 5 percent of sales on account. Required 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, a balance sheet, and a statement of cash flows for Year 2 ANALYZE, THINK, COMMUNICATE ATC 7-1 Business Applications Case Required Obtain the Ta Understanding real-world annual reports arget Corporations annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions: e who has shopped at Target knows that many of its customers use a credit card to pay for is even a Target brand credit card. However, Target did not report any accounts receivables or credit card reo

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