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Exerclse 7-8A (Algo) Accounting for uncollectlble accounts: percent of recelvables allowance method LO 7-2,7-3...

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Accounting

Exerclse 7-8A (Algo) Accounting for uncollectlble accounts: percent of recelvables allowance method LO
7-2,7-3
Vulcan Service Company experienced the following transactions for Year 1, its first year of operations:
Provided $70,000 of services on account.
Collected $42,000 cash from accounts receivable.
Paid $32,000 of salaries expense for the year.
Adjusted the accounts using the following information from an accounts receivable aging schedule:
Requlred
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.
Required A
General
Journal
Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.)
Journal entry worksheet
Provided $70,000 of services on account.
Note: Enter debits before credits.
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