Check my Exercise 2-1A Effect of collecting accounts receiva ble on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14,000 cash from accounts receivable during Year 1 Required Based on this information alone, determine the following for Holloway Company (Hint Record the events in general ledger accounts under an accounting equation before satisfying the requirements) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The ampunt of net income that would be reported on the Year 1 income statement c. The ambunt of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows d. The amount of retained earnings that would be reported on the Year 1 balance sheet. ences Complete this question by entering your answers in the tabs below. Accounting Equation Req A to D Based on this information alone, determine the following for Holloway Company, (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Stockholders Equity Liabilitiesi Assets 4 Common Stock Retained Earnings Accounts Receivable Event Cash Eamed revernue Collected accounts receivable Ending balance 1 or 2 Next