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Requlred Information Exercise 7-2A (Algo) Accounting for uncollectible accounts: allowance method LO 7-1 ...

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Accounting

Requlred Information
Exercise 7-2A (Algo) Accounting for uncollectible accounts: allowance method LO 7-1
[The following information applies to the questions displayed below.]
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first
year of operations.
Events Affecting Year 1:
Provided $130,000 of cleaning services on account.
Collected $97,500 cash from accounts receivable.
Paid salaries of $42,000 for the year.
Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,900.
The expense was determined using the percent of revenue method.
Exerclse 7-2A (Algo) Part c
Prepare an income statement, balance sheet, and statement of cash flows for Year 1.
Complete this question by entering your answers in the tabs below.
Prepare a balance sheet for Year 1.(Enter amounts to be deducted with a minus sign.)
HOLMES CLEANING SERVICE
Balance Sheet
As of December 31, Year 1
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