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1 5 points eBook 101 Hint Ask EXCTCISC Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Paid salaries of $28,500 for the year. (Static) Accounting for collectible accounts. Allowance met 1 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method. Required: a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Req A Event Year 1 1. 2. 3. 4. Balance Req B1 Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Cash Assets Req B2 + NRV + Accounts Receivable Balance Sheet = Req B3 = = Liabilities + + + + + + Equity Retained Earnings Account Titles for Retained Earnings

Hoimes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operotions: Events Affecting Yeat 1 : 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Paid solaries of $28,500 for the yeat. 4. Adjusted the accounts to reflect management's expectations that uncoliectible accounts expense would be $1,650. The expense was deternined using the percont of revenue method. Pequired: a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statoment, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accouneng equation. Note Enter any decreases to account balances with a minus sign. Not all ceis require input. Hoimes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operotions: Events Affecting Yeat 1 : 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Paid solaries of $28,500 for the yeat. 4. Adjusted the accounts to reflect management's expectations that uncoliectible accounts expense would be $1,650. The expense was deternined using the percont of revenue method. Pequired: a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statoment, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accouneng equation. Note Enter any decreases to account balances with a minus sign. Not all ceis require input

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