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Holmes Cleaning Service began operation on January 1 Year 1 The company experienced the following events for its first year of operations Events Affecting Yeart 1. Provided $160,000 of cleaning services on account 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $38,000 for the year 4 Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1.200. 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. RA Rea 1 Re Reges Organize the transaction data in account counting equation Center any decreases to account balances with a het einer Fathew w hp R E c B N M Complete this question by entering your answers in the tabs below. Reg A Reg 1 Rog B2 Reg 03 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) HOLMES CLEANING SERVICE Horizontal Statements Model Balance Sheet Assets Equity Accounts Titles for Retained NRV Earnings Accounts Retained Receivable Earnings Event Cash Year 1 1 2 3 4 Bal W hp R T G I B M Complete this question by entering your answers in the tabs below. Req A Reg 1 Req B2 Reg B3 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 0 Prey 11 of 12 ! Next > W hp 7 DI TO 5 6 7 8 R T U F H SO Hale 11 A w s D G Whomework Sere 11 C

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