Exercise 13-9B Recording receivables and identifying their effect on financial statements Ross Company performed services on account for $30,000 in Year 1 , its first year of operations. Ross collected $24,000 cash from accounts receivable during Year I and the remaining $6,000 in cash during Year 2. Required a. Record the Year I transactions in Taccounts. D. Show the Year I transactions in a horizontal statements model like the following one: c. Determine the amount of revenue that would be reported on the Year 1 income statement. d. Determine the amount of cash flow from operating activities that would be reported on the Year 1 statement of cash flows. e. Open a Taccount for Retained Earnings, and close the Year 1 Service Revenue account to the Retained Earnings account. f. Record the Year 2 cash collection in the appropriate Taccounts. 2. Show the Year 2 transaction in a horizontal statements model like the one shown in Requirement b. h. Assuming no other transactions occur in Year 2, determine the amount of net income and the net cash flow from operating activities for Year 2. o. c b. & g. NC= Net Chance in Cash c. Year 1 Revenue = ? d. Year 1 Cash Flows From Operating Activities =? e. See T-accounts above. f. See T-accounts above. g. See the Statements Model above. h. Year 2 Net Income = ? Year 2 Cash Flows From Operating Activities =