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Please assist with red x$\text{'}$s $($There should be three$).$ ROSIE DRY CLEANING

Accounting Equation for Year $2$

Balance Sheet

Event

Balance

$1$

Balance

Determine the following amounts for the Year $1$ accoun

Note: Round your answers to nearest whole dollar amoRosie Dry Cleaning was started on January $1,$ Year $1.$ It experienced the following events during its first two years of operation:

Events Affecting Year $1$

Provided $$34,660$ of cleaning services on account.

Collected $$27,728$ cash from accounts receivable.

Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be $1$ percent of the cleaning revenue on account.

Events Affecting Year $2$

Wrote off a $$260$ account receivable that was determined to be uncollectible.

Provided $$40,448$ of cleaning services on account.

Collected $$35,796$ cash from accounts receivable.

Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be $1$ percent of the cleaning revenue on account.

Required

Organize the transaction data in accounts under an accounting equation for each year.

Determine the following amounts:

Net income for Year $1.$

Net cash flow from operating activities for Year $1.$

Balance of accounts receivable at the end of Year $1.$

Net realizable value of accounts receivable at the end of Year $1.$

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