Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1....

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Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Percent Likely to Be Uncollectible Required A T Accounts 0.01 0.05 0.10 0.20 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value Complete this question by entering your answers in the tabs below. Required A General Journal What is the net realizable value of the accounts receivable at December 31, Year 1? Allowance Balance Required B Required C < Required B Required C > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Required A General Journal Post the entries to the T-accounts. Beginning Balance Ending Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A T Accounts Beginning Balance Ending Balance Amount $ 7,800 4,500 2,000 2,200 2,500 Ending Balance Beginning Balance Required B Cash Percent Likely to Be Uncollectible Accounts Receivable 0 0.01 0.05 0.10 0.20 0.50 Allowance for Doubtful Accounts Allowance Balance. Required C Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance < Required A General Journal Service Revenue Salaries Expense Uncollectible Accounts Expense Required B > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Required A T Accounts Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Percent Likely to Be Uncollectible Complete this question by entering your answers in the tabs below. Operating expenses Required A General Journal Prepare the income statement for Vulcan Service Company for Year 1. Required B Total operating expenses 0.01 0.05 0.10 0.20 0.50 VULCAN SERVICE COMPANY Income Statement For the Year Ended December 31, Year 1 Required C Allowance Balance $ Required A T Accounts 0 0 Required C > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Required A General Journal Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A T Accounts View transaction list < Amount $ 7,800 4,500 2,000 2,200 2,500 A Journal entry worksheet Required B Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction 1 Percent Likely to Be Uncollectible B C D Note: Enter debits before credits. Record entry Provided $91,000 of services on account. 0.01 0.05 0.10 0.20 0.50 Required C Allowance Balance General Journal Clear entry Debit Credit View general journal > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Percent Likely to Be Uncollectible Required A T Accounts 0.01 0.05 0.10 0.20 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value Complete this question by entering your answers in the tabs below. Required A General Journal What is the net realizable value of the accounts receivable at December 31, Year 1? Allowance Balance Required B Required C < Required B Required C > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Required A General Journal Post the entries to the T-accounts. Beginning Balance Ending Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A T Accounts Beginning Balance Ending Balance Amount $ 7,800 4,500 2,000 2,200 2,500 Ending Balance Beginning Balance Required B Cash Percent Likely to Be Uncollectible Accounts Receivable 0 0.01 0.05 0.10 0.20 0.50 Allowance for Doubtful Accounts Allowance Balance. Required C Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance < Required A General Journal Service Revenue Salaries Expense Uncollectible Accounts Expense Required B > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Required A T Accounts Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Percent Likely to Be Uncollectible Complete this question by entering your answers in the tabs below. Operating expenses Required A General Journal Prepare the income statement for Vulcan Service Company for Year 1. Required B Total operating expenses 0.01 0.05 0.10 0.20 0.50 VULCAN SERVICE COMPANY Income Statement For the Year Ended December 31, Year 1 Required C Allowance Balance $ Required A T Accounts 0 0 Required C > Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Required A General Journal Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A T Accounts View transaction list < Amount $ 7,800 4,500 2,000 2,200 2,500 A Journal entry worksheet Required B Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction 1 Percent Likely to Be Uncollectible B C D Note: Enter debits before credits. Record entry Provided $91,000 of services on account. 0.01 0.05 0.10 0.20 0.50 Required C Allowance Balance General Journal Clear entry Debit Credit View general journal >

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TR General Journal Debit Credit 1 Accounts receivable 91000 service revenue 91000 to record service ... View the full answer