Leach Inc. experienced the following events for the first two years of its operations: 2016:...
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Accounting
Leach Inc. experienced the following events for the first two years of its operations: 2016: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the
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