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?

Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 72,73 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $86,000 of services on account. 2. Collected $51,600 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the yeat. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: 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