Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations:...
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Accounting
Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations:
Provided $84,000 of services on account.
Collected $50,400 cash from accounts receivable.
Paid $30,000 of salaries expense for the year.
Adjusted the accounts using the following information from an accounts receivable aging schedule:
| Number of Days Past Due | Amount | Percent Likely to Be Uncollectible | Allowance Balance | ||
| Current | $ | 24,864 | .01 | ||
| 0-30 | 1,680 | .05 | |||
| 31-60 | 2,352 | .10 | |||
| 61-90 | 2,016 | .30 | |||
| Over 90 days | 2,688 | .50 | |||
Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?
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