Exercise 7-2A (Algo) Accounting for uncollectible accounts: allowance method LO 7-1 [The following information applies to the questions displayed below.] 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 $180,000 of cleaning services on account. 2. Collected $135,000 cash from accounts receivable. 3. Paid salaries of $26,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,700. The expense was determined using the percent of revenue method. c. Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1. (Enter amounts to be deducted with a minus sign.) c. Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Year 1. (Enter cash outflows with a minus sign.)
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