Additional Information (for all entries; please see the posted Excel spreadsheet with a few journal entries already provided):i. $190000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet). ii. $4000 of A/R is written off during the year.iii. 5% of Accounts Receivable (after write-off and collections) is considered to be uncollectible.i. Inventory purchases are $180000 all on credit. ii. All accounts payable is from inventory purchases; all but $12000 of inventory purchased is paid by the end of the year.