value 4.00 points The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2016, after the closing entries were posted Credit Debit $210,000 145,000 Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Accounts Payable Common Stock Retained Earnings 28,000 465,000 115.000 550,000 127,000 Totals $820,000 $820,000 Tile, Etc. had the following transactions in 2017 1. Purchased merchandise on account for $680,000 2. Sold merchandise that cost $520,000 for $1,090,000 on account. 3. Sold for $345,000 cash merchandise that had cost $200,000 4. Sold merchandise for $290,000 to credit card customers. The merchandise had cost $136,000. The rges a 4 percent fee credit card company cha 5. Collected $820,000 cash from accounts receivable 6. Paid $710,000 cash on accounts payable 7. Paid $165,000 cash for selling and administrative expenses 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $70,000 to J. Parks. The note had an 9 percent interest rate and a one-year term to maturity 10. Wrote off $9,500 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, 2017 (see item 9)