Question

The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as...

The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2017:

Cash $ 9,000
Accounts receivable 41,000
Allowance for doubtful accounts $ 2,500
Inventory 78,000
Accounts payable 21,000
Common stock 50,000
Retained earnings 54,500

Transactions for 2018

1 Acquired an additional $20,000 cash from the issue of common stock.

2 Purchased $85,000 of inventory on account.

3 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 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 Uncollectible accounts are estimated to be 1 percent of sales on account.

11 Recorded the accrued interest at December 31, 2018 (see item 5).
LITTLE GROCERY SUPPLIER (LGS)
Accounting Equation for the Year 2018
Event Assets = Liabilities + Stockholders’ Equity Accounts Titles for Retained Earnings
Cash + Accounts Receivable – Allowance + Merchandise Inventory + Notes Receivable + Interest Receivable = Accounts Payable + Common Stock + Retained Earnings
Bal. + – + + + = + +
1. + – + + + = + +
2. + – + + + = + +
3a. + – + + + = + +
3b. + – + + + = + +
4. + – + + + = + +
5. + – + + + = + +
6. + – + + + = + +
7. + – + + + = + +
8. + – + + + = + +
9. + – + + + = + +
10. + – + + + = + +
11. + – + + + = + +
Bal. + – + + + = + +
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