a Required a. Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells require input.) SAGE INC. Accounting Equation for Year 1 Liabilities Equity Accounts Common Retained Payable Stock Earnings Assets NRV Account Receivable Event Account Titles for Retained Earnings Cash Merchandise Inventory 1 2 3a + + 3b 4 5 6 7 8. Bal Required information The following infchenation applies to the questions displayed below.] Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $185,000 of merchandise on account. 3. Sold merchandise that cost $158,000 for $314,000 on account. 4. Collected $282,000 cash from accounts receivable. 5. Paid $165,000 on accounts payable. 6. Paid $60,000 of salaries expense for the year. 7. Paid other operating expenses of $76,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $19,200 8,000 1,600 1,600 1,600 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 @.10 0.20 0.50