This is my third time posting this question. Whoever do this problem, it doesn\'

Question

This is my third time posting this question. Whoever do this problem, it doesn't do it all the way. I always have just a partial of the answer. I need T-accounts, income statement, a statement of changes in stockholders' equity, a balance sheet, and statement of cash flows for 2017. Thank you

The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2016, after the closing entries were posted:

account title                          debit                             credit

cash                                  $125,000

account receivable            128,000

allowance for doubful accounts                                      $19,500

inventory                          431,000

account payable                                                          98,000

common stock                                                              465,000

retained earning                                                           101,500

totals                                               $684,000               $684,000

Tile, Et. had the following transactions in 2017:

1. Purchased merchandise on account for $595,000

2. Sold merchandise that cost $435,000 for $920,000 on account

3. Sold for $260,000 cash merchandise that had cost $166,000

4. Sold merchandise for $205,000 to credit card customers. The merchandise had cost $102,000. The credit card company charges a 3 percent fee.

5. Collected $650,000 cash from accounts receivalbe

6. Paid $625,000 cash on accounts payable

7. Paid $148,000  cash for selling and administrative expenses

8. Collected cash for the full amount due from the credit card company (see item 4)

9. Loaned $75,000 to J. Parks. The note had an 6 percent interest rate and a one year term to maturity

10. Wrote off $7,800 of accounts as uncollectible

11. Made the following adjusting entries:

a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account

b. recorded seven months of accrued interest on the note at December 31, 2017 (see item 9)

Required:

a. Prepare general journal entries for these transactions, post the entries to T- accounts, and prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flow for 2017.

Explanation / Answer

   To Creditors A/C 595000

   To Sales A/C 435000

   To Profit & Loss A/C 485000

   To Sales A/C 166000

To Profit & Loss A/C 94000

   To Sales A/C 205000

To Fees A/C 6150

To Accounts Receivable A/C 650000

   To Cash A/C 625000

To Cash A/C 148000

   To Debtors A/C 21150

To Cash A/C 75000

   To Debtors A/C 7800

11.a Bad Debts A/C Dr 15700

   To Debtors A/C 15700

   b. Accrued Interest A/C Dr 5250

   To Interest A/C 5250

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