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Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 7.2,7.3 Vuican Service Company experienced the folowing transactions for Year 1, its first yeat of operations: 1. Provided $76,000 of services on account. 2. Collected $45,600 cash from accounts receivoble. 3. Paid $32,000 of solories expente for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Required a. Record the given transactions in generaljoumal foim and post to T-accounts b. Propare the income statement for Vuican Service Company for Year 1 c. What is the net realizable value of the accounts receivable of December 31 . Year 1 ? Complete this question by entering your answers in the tabe below. Record the given toansactions in general joumal form. (if-no enthy is required for a transaction/event, select "Wo joumal entry required" in the finst accolint field, Round your intermedate caloulations and final atruers to neares whole dolar) Required a. Record the given transactions in general journal form and post to T-accounts b. Prepare the Income statement for Vulcan Service Company for Year 1 . c. What is the net realizable value of the accounts receivable at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. Post the entries to the T-accounts. (Round your intermediate calculations and final answers to nearest whole dollar.) Required a. Record the given transactions in general journal form and post to T-accounts: b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. Prepare the income statement for Vulcan Service Company for Year 1. (Round your intermediate answers to nearest whole dollar.) Vulcan Service Company expetienced the following transactions for Year 1 , lis first yeat of operations: 1. Provided $76.000 of services on account 2. Collected $45,600 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts tising the following information from an accounts receivable aging schecule: Requited a. Record the given transoctions in general joumel form and post to Taccounts b. Prepare the income statement for Vulcan Service Company for Yeat 1 . c. What is the net realizable value of the accounts receivable at December 31 , Year t? Complete this question by entering your answers in the tabs below. What is the net realizable value of the accounts receivable at Decentber 31, Year 1 ? (Round your intemediafe calcutationt anit final answer to nearest whole dollac)

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