Chapter 7 Homework 1 i 10 12 points eBook Vulcan Service Company experienced the following transactions...

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Chapter 7 Homework 1 i 10 12 points eBook Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: Saved 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 Hint 31 to 60 61 to 90 Over 90 days Print Required Amount $ 7,800 Percent Likely to Be Uncollectible Allowance Balance 0.01 4,500 0.05 2,000 0.10 2,200 0.20 2,500 0.50 References 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? Chapter 7 Homework 1 i 10 12 points eBook Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: Saved 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Current 0 to 30 Hint 31 to 60 61 to 90 Over 90 days Print Required Amount $ 7,800 Percent Likely to Be Uncollectible Allowance Balance 0.01 4,500 0.05 2,000 0.10 2,200 0.20 2,500 0.50 References 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?