Year $1$:

Issued $$10,000$ of common stock for cash.

Provided $$60,000$ of services on account.

Provided $$29,000$ of services and recelved cash.

Collected $$31,000$ cash from accounts recelvable.

Pald $$16,000$ of salarles expense for the year.

Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that $7$ percent of the ending accounts recelvable balance will be uncollectible.

Year $2$ :

Wrote off an uncollectible account for $$2,640.$

Provided $$80,000$ of services on account.

Provided $$30,000$ of services and collected cash.

Collected $$62000$ cash from accounts recelvable.

Pald $$22,000$ of salarles expense for the year.

Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that $7$ percent of the ending accounts recelvable balance will be uncollectible.

Exercise $7-7$A $($Algo$)$ Part a

Required:

e$.$ Organize the transaction data in accounts under an accounting equation.

Note: Enter any decreases to account balances with a minus sign. Not all cells require Input.

$\backslash$table$[[$LEACH INCORPORATED$],[$Accounting Equation for Year $1],[$Event$,$Assets,$=,$Liabilities,$+,$Equity,Account Titles for Retained Earnings$],[$Cash$,+,\backslash$table$[[$NRV Accounts$],[$Receivable$]],\backslash$table$[[$Common$],[$Stock$]],+,\backslash$table$[[$Retained$],[$Earnings$]]],[1.,,+,,=,,+,,+,,],[2.,,+,,=,,+,,+,,],[3.,,+1,,=,,+,,+,,],[4.,,+,,=,,+,,+,,],[5.,,+,,=,,+,,+,,],[6.,,+,,=,,+,,+,,],[$Ealance$,,+,,1=,,1+,,+,,]]$