D Question 6 1 pts Problem 7-26B Comprehensive accounting cycle problem (uses percent of revenue allowance method) The following trial balance was prepared for Corporation of Your Service (Your Service) on December 31. Year 1. after the closing entries were posted: Account Title Debit Credit Cash $46,200 Accounts Receivable 21.300 Allowance for Doubtful Accounts $ 1.350 Inventory 85,600 Accounts Payable 28.000 Common Stock 80,000 Retained Earnings 43.750 Totals $153,100 $153.100 Your Service had the following transactions in Year 2: 1. Purchased merchandise on account for $260,000. 2. Sold merchandise that cost $243,000 on account for $340,000. (Must also recognize COGS expense) 3. Performed $80,000 of services for cash. 4. Sold merchandise for $60,000 to credit card customers. The merchandise cost $41,250. The credit card company charges a 5 percent fee. (Debit credit card expense $ 60,000 596)" (Must also recognize COGS expense)" Transaction 1 Common Stock 5000 Cash :5000 Schedule Transaction 2a: cements Accounts Receivable 600 Ravenue 600 Transaction 2: nents lons COGS expense 300 Inventory 300 Edit View Insert Format Tools Table 12pt P. Link > UA2 yo e TIT E > Image Media > D Document > V Equation Button ences) Table ince Embed Horizontalline rations Success 4x2 165 O words