The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $175,000 Accounts receivable 138,000 Allowance for doubtful accounts $ 24,500 Inventory 451,000 Accounts payable 108,000 Common stock 515,000 Retained earnings 116,500 Tile, Etc. had the following transactions in 2018: 1. Purchased merchandise on account for $645,000. 2. Sold merchandise that cost $485,000 for $1,020,000 on account. 3. Sold for $310,000 cash merchandise that had cost $186,000. 4. Sold merchandise for $255,000 to credit card customers. The merchandise had cost $122,000. The credit card company charges a 3 percent fee. 5. Collected $750,000 cash from accounts receivable. 6. Paid $675,000 cash on accounts payable. 7. Paid $158,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Loaned $63,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity. 10. Wrote off $8,800 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, 2018 (see item 9). a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for 2018. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 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 Re TILE, ETC., INC. Horizontal Statements Model = Liabilities Assets + Equity Event Accounts Receivable Cash Merchandise Inventory Allowance Notes Receivable Interest Received Accounts Payable Accounting Titles for Retained Earnings Common Stock Retained Earnings Bal. 24,500 + + 0 = 1 116,500 138,000 - 01 1,020,000 - 108,000 + 645,000 1. + + 0 + 0 + + + 2a. 2b. 3a. + 451,000+ 645,000 0 + (485,000) (186,000) 0 + (122,000) + + 175,000 + 0+ 0 + 0+ 0 + 310,000+ 0+ 0+ 750,000 + + 515,000/= | 0= 0 = 0 = 0 = 0 = 0 = 0 = + + + 0 + 0+ 0 + 0 + 0 + 0 + 3b. + 1,020,000 (485,000) (186,000) 310,000/ (122,000) (7,650) 0 0 - 0 0 - (7,650) - (750,000) - + olo 4a. + + 40. + + + 5. 0+ + +