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2 1.66 points Skipped Exercise 5-4A (Algo) Effect of recognizing uncollectible accounts expense on financial statements: Percent of revenue allowance method LO 5-1 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 $33,050 of cleaning services on account. 2. Collected $26.440 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 eBook Hint Events Affecting Year 2 1. Wrote off a $248 account receivable that was determined to be uncollectible. 2. Provided $38,569 of cleaning services on account. 3. Collected $34,134 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. Print References Required a. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: 1. (1) Net income for Year 1. 2. (2) Net cash flow from operating activities for Year 1. 3. (3) Balance of accounts receivable at the end of Year 1. 4. (4) Net realizable value of accounts receivable at the end of Year 1. c. Determine the following amounts: 1. (1) Net income for Year 2. 2. (2) Net cash flow from operating activities for Year 2. 3. (3) Balance of accounts receivable at the end of Year 2. 4. (4) Net realizable value of accounts receivable at the end of Year 2. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 ReqB ReqC Organize the transaction data in accounts under an accounting equation for year 1. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry. Round your answers to the nearest whole dollar.) ROSIE DRY CLEANING Accounting Equation for the Year 1 Balance Sheet Event Assets Equity Accounts Titles for Retained NRV Accounts Cash Retained Earnings Receivable Earnings 1. 2. 3. Bal 0 Reg A2 > Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 ReqB ReqC Organize the transaction data in accounts under an accounting equation for year 2. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry. Round your answers to the nearest whole dollar.) ROSIE DRY CLEANING Accounting Equation for the Year 2 Balance Sheet Event Assets Equity Accounts Titles for Retained NRV Accounts Retained Earnings Cash Receivable Earnings Bal 1. 2. + 3. 4. Bal. 0 + 0 0 Complete this question by entering your answers in the tabs below. Reg A1 Reg AZ Req B ReqC Determine the following amounts for the Year 1 accounting period. (Round your answers to nearest whole dollar amount.) Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable Complete this question by entering your answers in the tabs below. Req A1 Req A2 ReqB Reqc Determine the following amounts for the Year 2 accounting period. (Round your answers to nearest whole dollar amount.) Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable