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Required information [The following information applies to the questions displayed below.) Roth Incorporated experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $240,000 of merchandise on account. 3. Sold merchandise that cost $166,000 for $330,000 on account. 4. Collected $274,000 cash from accounts receivable. 5. Paid $225,000 on accounts payable. 6. Paid $50,000 of salaries expense for the year. 7. Pald other operating expenses of $39,000. 8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Duo Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $33,600 14,000 2,800 2,800 2,800 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 Required Record the above transactions in general form and post to accounts, norint select "No journalty required in the first account Journal entry worksheet H 1 Record entry for issuance of common stock. Note Enterdetits before credits General Journal Debi Cr Event 01 Record entry Clear entry Virgournal Cash Cic Des Bal Des o Enebat End Accounts Rece Sales Re Beg w End. Bol E Allowance for Do Accounts Cost of God Beg E B Ent Merchandise wory Operating Espes og De End End Accounts Payable Sales Bag End Uncle Account Beg tal

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