The company sells merchandise for cash and on open account with credit terms 2/10,n/30. Assume a unit sales price of $500 in all transactions, and use the gross method to record sales revenue. The following transactions occurred during 2021: a. Sold merchandise for cash, $234,000. b. Sold merchandise to R. Agostino on open account for $11,500. c. Sold merchandise to K. Black on open account for $25,000. d. Two days after purchase, R. Agostino returned one of the units purchased in (b) and recelved account credit. e. Sold merchandise to B. Assaf on open account for $26,000. f. R. Agostino paid his account in full within the discount perlod. g. Collected $98,000 cash from customers for credit sales made in 2020 , all within the discount periods. h. K. Black paid the Invoice in (c) within the discount perlod. 1. Sold merchandise to R. Fong on open account for $17,500. j. Three days after paying the account in full, K. Black returned seven defective units and recelved a cash refund. k. Collected $6,000 cash on an accounts recelvable for sales made in 2020 . The amount was recelved after the discou period. 1. Wrote off an old account of $3,000 after deciding that the amount would never be collected. m. The company estimates that 4 percent of the accounts recelvable at December 31,2021 , will be uncollectible in the future. Requlred: 1. Using the following categorles, Indicate the dollar effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (Ignore cost of sales). The effects of the first transaction are shown as an example: (Enter any decreases to account balances with a minus sign. In addition, enter all cells which have no change as a ZERO (O)) 2. Prepare the journal entrles for these transactions, Including the write-off of the uncollectible account and the adjusting entry for estimated bad debts. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account fleled.) Journal entry worksheet Note: Enter debits betore credits. 2. Prepare the journal entries for these transactions, Including the write-off of the uncollectible account and the adjusting entry for estimated bad debts. (If no entry Is required for a transaction/event, select "No journal entry required" In the first account fleld.) 2. Prepare the journal entries for these transactions, Including the write-off of the uncollectible account and the adjusting entry for estimated bad debts. (If no entry is requlred for a transaction/event, select "No journal entry required" In the first account fleld.) 8 Record collection from K. Black in full within the discount period. 9 Record sale of merchandise to R. Fong on open account. 10 Record the return of seven defective units by K. Black. 11 Record collection on account after the discount period. 12 Record the write-off of Accounts receivable as uncollectible. 13 Record entry to adjust the balance of the Allowance for doubtful accounts and record bad debt expense for the year. Note : = journal entry has been entered 3. Show how the accounts related to the preceding sale and collection actlvitles should be reported on the statement of earnings for 2021