! Required information [The following information applies to the questions displayed below.] Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $100,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account 4. Collected $266,000 cash from accounts receivable. 5. Paid $180,000 on accounts payable. 6. Paid $66,000 of salaries expense for the year. 7. Pald other operating expenses of $82,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Duo Current 0-30 31-60 61-90 Over 90 days Amount $24,000 10,000 2,000 2,000 2,000 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 Required a. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Assets NRV Accounts Receivable Event SAGE INC Accounting Equation for Year 1 Liabilities Equity Accounts Common Retained Payable Stock Earnings Account Titles for Retained Earnings Cash Merchandise Inventory 1 2 ce 3a 3b 4 5 6 7 8 Bal +