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 $90,000 cash. 2. Purchased $200,000 of merchandise on account 3. Sold merchandise that cost $164,000 for $326,000 on account. 4. Collected $294,000 cash from accounts receivable. 5. Pald $180,000 on accounts payable. 6. Pald $56,000 of salaries expense for the year. 7. Pald other operating expenses of $72,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of daye Past Duo Current 0-30 31-60 61.90 Over 90 days Amount $19,200 8,000 1,600 1,600 1,600 Percent takely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 Check my work Over 90 days 1,600 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 Recolvable Event SAGE INC Accounting Equation for Year 1 Liabilities Equity Accounts Common Rotained Payablo Stock Earnings Account Titles for Retained Eamings Cash Merchandise Inventory 1 2 3a 3b. 4 5 6 7. 8 Bal