Recording and Posting Year 1 Transactions: General Journal and

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 $245,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $256,000 cash from accounts receivable. 5. Paid $230,000 on accounts payable. 6. Paid $66,000 of salaries expense for the year. 7. Paid other operating expenses of $55,000. 8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Percent Likely to Be Allowance Past Due Amount Uncollectible Balance Current $32,400 0.01 0 to 30 13,500 0.05 31 to 60 2,700 0.10 61 to 90 2,700 0.20 Over 90 days 2,700 0.50 Required a. Record the given transactions in generaljournal form and post to T-accounts.