Create a double entry accounts for the following transactions: Jan 1st Started business (capital) with $25,000 cash Jan 2 Based on industry standard, you anticipate that 1% of all of accounts receivables will be uncollected. So you made the allowance of bad debt. A/R for the year will total $10,000 Jan 15th Purchase equipment for cash $1,000 Jan 30th Paid rent on office space for $2,000 cash Feb 1st Sold merchandise for $500 cash March 3... Gem Merchandise Co. purchases $4000 of goods on credit. March 15.... Received $1500 cash from Gem Merchandise Co. for the goods purchased on March 3rd June 1st Applied for a bank loan for $10,000 June 15th.... Received of bank loan principal of $10,000 cash June 24... Gem Merchandise Co. informs you that it has filed for bankruptcy. As a result, you will receive no more payment toward its accounts receivable bill. Aug 15 ... Paid your employee salary by cash $800 Aug 15th.... Realized employee stole $500 cash from register Oct 1st Paid loan payment $550 Oct 15th $50 bank charges for late loan payment Oct 30... Gem Merchandise Co. sent you $1,000 cash towards their old debt BE