Problem 5-25 Accounting for uncollectible accounts: Percent of receivables allowance method LO 5-3 [The following information applies to the question displayed below.] Frankel Inc. experienced the following transactions for 2014, Its first year of operations:1. Issued common stock tot $80,000 cash. 2. Purchased $240,000 of merchandise on account. 3. Sold merchandise that cost $148,000 for $294,000 on account 4. Collected $246,000 cash from accounts receivable. 5. Paid $225,000 on accounts payable. 6. Paid $60,000 of salaries expense for the year. 7. Paid other operating expenses of $49,000. 8. Frenkel adjusted the accounts using the following Information from an accounts receivable aging schedule