Create a double entry accounts for the following transactions: Jan 1 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 1 Sold merchandise for $500 cash March 3... Gem Merchandise Co purchases S4000 of goods on credit. March 15.... Received S1500 cash from em Merchandise Co. for the goods purchased on March 3rd June 14. 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 1... Paid your employee salary by cash $800 Aug 15thRealized employee stole 5500 cash from register Oct 1 Paid loan payment $550 Oct 15th $50 bank charges for late loan payment Oct 30 em Merchandise Co. sent you $1.000 cash towards their old debt