[The following information applies to the questions displayed below.]

Sage Inc. experienced the following transactions for 2018, its first year of operations:

1. Issued common stock for $50,000 cash.

2. Purchased $140,000 of merchandise on account.

3. Sold merchandise that cost $110,000 for $250,000 on account.

4. Collected $236,000 cash from accounts receivable.

5. Paid $118,000 on accounts payable.

6. Paid $50,000 of salaries expense for the year.

7. Paid other operating expenses of $28,000.

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 $10,000 2,000 1,200 500 300 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 a. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.) SAGE INC. Accounting Equation for the Year 2018 Assets Liabilities Equity Accounts Merchandise Accounts Common Retained Allowance Receivable Inventory Payable Stock Earnings Event Accounts Titles for Retained Earnings Cash + + + 2. + + + 3a. + + + 3b. + + + 4. + + + 5. + + + 6. + + + II 7. + + IL + 8. + + IN + Bal. + II +