Exercise $7-8$A $($Algo$)$ Accounting for uncollectible accounts: percent of receivables allowance method $7-2,7-3$

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

Provided $$78,000$ of services on account.

Collected $$46,800$ cash from accounts receivable.

Paid $$28,000$ of salaries expense for the year.

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 $1?$

Complete this question by entering your answers in the tabs below.

Required A

General

Required A T

Journal

Accounts

Required B

Required C

Record the given transactions in general journal form.

Note: If no entry is required for a transaction or event, select $"$No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.

Journal entry worksheet

A

B

c

D

Provided $$78,000$ of services on account.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$