Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. leach incorporated experienced the following event

leach incorporated experienced the following events for the first two years of its operations. year...

70.2K

Verified Solution

Question

Accounting

Leach Incorporated experienced the following events for the first two years of its operations. Year 1: Issued $10,000 of common stock for cash. Provided $78,000 of services on account. Provided $36,000 of services and received cash. Collected $69,000 cash from accounts receivable. Paid $38,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Closed the revenue account. Closed the expense accounts. Year 2: Wrote off an uncollectible account for $650. Provided $88,000 of services on account. Provided $32,000 of services and collected cash. Collected $81,000 cash from accounts receivable. Paid $65,000 of salaries expense for the year. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Closed the revenue account. Closed the expense accounts. Required a. Record the Year 1 events in general journal form and post them to T-accounts

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Answer the following question in no less than one page. How do you choose between an...

Finance
1.2K views

Minion, Inc., has no debt outstanding and a total market value of $356,900. Earnings before interest...

Psychology
1.2K views

Charlie is a 14-year-old boy, 5 feet tall and weighing 100 lbs. He had a juvenile...

Operations Management
1.2K views

Given the forecast and booked orders shown in the? table, and a beginning inventory of? 75,...

Physics
1.2K views

How much would a 84 kg person weigh on the surface of Mars?Remember, weight is...

Geometry
1.2K views

Consider the following.U= (4,0), v= (7,9)(a) Find u. v.u v =(b) Find the angle between...

Statistics
1.2K views

What percent of a standard normal distribution N 0 a 1 is found in each...

Statistics
1.2K views

Analysis Chirps in 1 min Temperature F Question 5 of 12 What wrong with this...

Calculus
1.2K views

Find lima 3 5 2 Remember that x is the greatest integer function x OA...

Algebra
1.2K views

You purchased 40 shares for 3 95 sh If you sold the shares for a...

Accounting
1.2K views

Current Attempt in Progress The following information is taken from the 2022 general ledger of...

Accounting
1.2K views

Houseman, Inc. anticipates sales of 57,000 units, 55,000 units, and 58,000 units in July, August,...