Sage Inc. experienced the following transactions for Year 1, its first year of operations:

1. Issued common stock for $120,000 cash.
2. Purchased $195,000 of merchandise on account.
3. Sold merchandise that cost $168,000 for $334,000 on account.
4. Collected $302,000 cash from accounts receivable.
5. Paid $175,000 on accounts payable.
6. Paid $66,000 of salaries expense for the year.
7. Paid 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 Due	Amount			Percent Likely to Be Uncollectible	Allowance Balance
Current	$	19,200		0.01
030		8,000		0.05
3160		1,600		0.10
6190		1,600		0.20
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 in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.)

Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $120,000 cash. 2. Purchased $195,000 of merchandise on account. 3. Sold merchandise that cost $168,000 for $334,000 on account. 4. Collected $302.000 cash from accounts receivable. 5. Paid $175,000 on accounts payable. 6. Paid $66,000 of salaries expense for the year. 7. Paid other operating expenses of $82,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $19,200 8,000 1,600 1,600 1,600 Percent Likely to Be Uncollectible 0.01 0.05 0.10 .2e 0.50 equired Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus ign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no orresponding Retained Earnings input needed.) Assets Accounts Allowance + Receivable SAGE INC. Accounting Equation for the Year 1 = Liabilities + Equity Merchandise Accounts Common Retained Inventory Payable Stock Earnings 120,000 Event Accounts Titles for Retained Earnings Cash + 1. 120,000 + 2 + + + + = + . 3b. + + 4. + 5. + + 6. + 7. + + 8 + Bal. 120.000 + 120,000