Question

Pollard Service Co. experienced the following transactions for 2016, its first year of operations:
1. Provided $86,000 of services on account.
2. Collected $72,000 cash from accounts receivable.
3. Paid $39,000 of salaries expense for the year.
4. Pollard adjusted the accounts using the following information from an accounts receivable aging schedule:
Required
a. Record the above transactions in general journal form and post them to T-accounts.
b. Prepare the income statement for Pollard Service Co. for 2016.
c. What is the net realizable value of the accounts receivable at December 31, 2016?


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  • CreatedApril 20, 2015
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