Chapter 7

Chapter 7 First Problem For the following events, completer journal entries, T-accounts and the following 3 financial statement. 1. Income Statement 2. Stockholders' Equity 3. Balance Sheet Event . n now Event Description Russ's Motivational Speaking Co. (RMS) recognized $100,000 of service revenue earned on account RMS collected $70,000 cash from accounts receivable Using the percent of revenue method of 3%, RMS recognized uncollectible accounts expense RMS wrote off $500 of uncollectible accounts receivable. RMS recovered a receivable of $150 that it had previously written off RMS recorded collection of the reinstated receivable of $150