Question: this is all one question Exercise /-om (Migo) Accounting for unconecuvie accounts: percent or receivavies allowance metriou Le 7-2,7-3 Vulcan Service Company experienced the following







Exercise /-om (Migo) Accounting for unconecuvie accounts: percent or receivavies allowance metriou Le 7-2,7-3 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $76,000 of services on account. 2. Collected $45,600 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Percent Likely to be Uncollectible. Allowance Balance Due Amount Current $22,496 0.01 0 to 30 1,520 0.05 31 to 60 2,128 0.10 61 to 90 1,824 0.30 Over 90 days 2,432 0.50 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 Arrninte Required B Required C Required A General Required A T Accounts Required B Required C Journal Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "Ne in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.) View transaction list Journal entry worksheet Collected $45,600 cash from accounts receivable. Note: Enter debits before credits. Transaction General Journal 2 Debit Credit Required A General Required A T Accounts Required B Required C Journal Record the given transactions in general journal form. (If no entry is required for a transaction/event, sel in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
