Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its...
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Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $34,620 of cleaning services on account. 2. Collected $27,696 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting 2017 1. Wrote off a $260 account receivable that was determined to be uncollectible. 2. Provided $40,402 of cleaning services on account. 3. Collected $35,756 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Record the events for 2016 and 2017 in T-accounts.(Round your answers to nearest whole dollar.) Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $34,620 of cleaning services on account. 2. Collected $27,696 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting 2017 1. Wrote off a $260 account receivable that was determined to be uncollectible. 2. Provided $40,402 of cleaning services on account. 3. Collected $35,756 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Record the events for 2016 and 2017 in T-accounts.(Round your answers to nearest whole dollar.)
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Answer rating: 100% (QA)
2016 Accounts recievable To Service Revenue 32530 By cash 26024 by bal bd 6506 32530 32530 2017 To ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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