[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, 2017:
| Cash | $ | 5,450 | |
| Accounts receivable | 17,080 | ||
| Allowance for doubtful accounts | $ | 1,645 | |
| Inventory | 22,400 | ||
| Accounts payable | 7,585 | ||
| Common stock | 21,200 | ||
| Retained earnings | 14,500 | ||
Transactions for 2018
- Acquired an additional $8,500 cash from the issue of common stock.
- Purchased $59,100 of inventory on account.
- Sold inventory that cost $63,700 for $96,500. Sales were made on account.
- The company wrote off $1,150 of uncollectible accounts.
- On September 1, LGS loaned $8,500 to Eden Co. The note had an 8 percent interest rate and a one-year term.
- Paid $15,280 cash for operating expenses.
- The company collected $78,620 cash from accounts receivable.
- A cash payment of $50,910 was paid on accounts payable.
- The company paid a $5,100 cash dividend to the stockholders.
- Uncollectible accounts are estimated to be 1 percent of sales on account.
- Recorded the accrued interest at December 31, 2018 (see item
5).
Homework Answers
| Assets | Liabilities | Stockholder Equity | |||||||||||||||
| Event | Cash | + | Account Receivable | - | Allowance | + | Merchendise Inventory | + | Notes Receivables | + | Interest Receivable | = | Account Payable | + | Common Stock | Retained Earnings | |
| Bal | 5450 | 17080 | 1645 | 22400 | 7585 | 21200 | 14500 | ||||||||||
| 1 | 8500 | 8500 | |||||||||||||||
| 2 | 59100 | 59100 | |||||||||||||||
| 3a | -63700 | -63700 | |||||||||||||||
| 3b | 96500 | 96500 | |||||||||||||||
| 4 | -1150 | -1150 | |||||||||||||||
| 5 | -8500 | 8500 | |||||||||||||||
| 6 | -15280 | -15280 | |||||||||||||||
| 7 | 78620 | -78620 | |||||||||||||||
| 8 | -50910 | -50910 | |||||||||||||||
| 9 | -5100 | -5100 | |||||||||||||||
| 10 | 965 | -965 | |||||||||||||||
| 11 | 226.67 | 226.67 | |||||||||||||||
| Bal | 12780 | 33810 | 1460 | 17800 | 8500 | 226.67 | 15775 | 0 | 29700 | 0 | 26,181.67 | ||||||
Workings
Interest calculation =8500*8%*4/12 =226.67
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