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 $225.000 of merchandise on account. 3. Sold merchandise that cost $152,000 for $302.000 on account. 4. Collected $250.000 cash from accounts receivable. 5. Paid $210,000 on accounts payable. 6. Paid $58,000 of salaries expense for the year. 7. Paid other operating expenses of $47.000. 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 61-99 Over 90 days Amount $31,280 13,80 2,689 2,680 2,680 Percent Likely to Be Uncollectible 0.01 e.es 8.10 0.2e 8.50 Problem 7-20A Part a Required a. Record the above transactions in general journal form and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet Record entry for issuance of common stock. Note: Enter debits before credits General Journal Debit Credit Event 01 Cash Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Receivable Sales Revenue Beg. Bal Beg. Bal. End. Bal. End. Bal. Allowance for Doubtful Accounts Cost of Goods Sold Beg. Bal Beg. Bal. End. Bal. End. Bal. Merchandise Inventory Operating Expenses Beg. Bal. Beg Bal End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal. Beg Bal End. Bal. End. Bal. Uncollectible Accounts Expense Beg. Bal. End. Bal