Pollard Service Co. experienced the following transactions for 2016, its first year of operations: 1. Provided $86,000

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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:

Pollard Service Co. experienced the following transactions for 2016, its

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?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For  book-img-for-question

Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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