Question: Please answer all blanks. I don't know if what I already have selected as answers is correct or not. Rosie Dry Cleaning was started on

Please answer all blanks. I don't know if what I already haveselected as answers is correct or not. Rosie Dry Cleaning was startedon January 1, Year 1. It experienced the following events during itsfirst two years of operation: Events Affecting Year 1 1. Provided $25,600of cleaning services on account. 2. Collected $20,480 cash from accounts receivable.Please answer all blanks. I don't know if what I already have selected as answers is correct or not.

Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $25,600 of cleaning services on account. 2. Collected $20,480 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $192 account receivable that was determined to be uncollectible. 2. Provided $29,875 of cleaning services on account. 3. Collected $26,439 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required: a. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (4) Net realizable value of accounts receivable at the end of Year 2. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount

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