Required information Problem 7-20A Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 The following information applies to the questions displayed below) Roth Inc experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $245,000 of merchandise on account 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $254,000 cash from accounts receivable. 5. Paid $230,000 on accounts payable. 6. Paid $56,000 of salaries expense for the year 7. Paid other operating expenses of $45,000. 8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 8-30 31-60 61-90 Over 90 days Amount $33,600 14,000 2,800 2,800 2,800 Percent Likely to Be Uncollectible 0.01 2.05 0.10 8.20 0.5e Problem 7-20A Part a Required . Record the above transactions in general journai form and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet G H > Record entry for Issuance of common stock. Note: Enter debits before credits. Event 01 Credit General Journal Cash Common stock Debit 80,000 80,000 Record entry View general journal Clear entry