Record transactions using journal entries:Suppose Mask, Inc. identified the following transactions duringJanuary 2018:

1/1/18: Purchased inventory worth $11,300 on account.

1/3/18: Sold inventory, which originally cost $2,750, for $3,180on account to customers.

1/15/18: Paid $5,000 cash to suppliers from transaction a.

1/20/18: Received $1,700 cash payment from customers intransaction b.

1/31/18: Paid $2,250 cash for January wages.

Record all of the above transactionsusing journal entries (HINT: there will be twoseparate entries to record for transaction b.). I have completedtransaction a. for you as an example. Assume Mask, Inc, uses thefollowing accounts: Cash, A/R, Inventory, A/P, Sales Revenue, Costof Goods Sold (COGS), Wages Expense.

1/1/18                                                      DEBIT           CREDIT

           Inventory                                            $11,300

                       Accounts Payable (A/P)                                $11,300

           To record purchase of inventory on account.

T-accounts: Below is the T-account for AccountsReceivable (A/R) for She’s A Star, Ltd.:

                                                  Accounts Receivable (A/R)

                   Beginning balance$135,000

                            (transaction1) $21,800          $12,500 (transaction 2)

                                                                       $XX,XXX (transaction 3)

                     Endingbalance      $126,560

What is the missing value $XX,XXX fortransaction 3?

Give one example of a transaction that would have resulted inthe posting of transaction 1 to the A/R account.

Give one example of a transaction that would have resulted inthe posting of transaction 2 to the A/R account.