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The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: Account Title Debit Credit Cash $ 195,000 Accounts Receivable 142,000 Allowance for Doubtful Accounts $ 26,500 Merchandise Inventory 459,000 Accounts Payable 112,000 Common Stock 535,000 Retained Earnings 122,500 Totals $ 796,000 $ 796,000 Tile, Etc. had the following transactions in Year 2020: 1. 02/17/2020: Purchased merchandise on account for $665,000. 2. 03/08/2020: Sold merchandise that cost $505,000 for $1,060,000 on account. 3. 04/24/2020: Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020: Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee. 5. 06/01/2020: Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a one- year term to maturity. 6. 06/29/2020: Collected $790,000 cash from accounts receivable. 7. 07/12/2020: Paid $695,000 cash on accounts payable. 8. 08/25/2020: Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020: Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020: Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5)