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Events Affecting Year 1 1. Provided $26,250 of cleaning services on account. 2. Collected $21,000 cash from accounts receivable. 3. Adjusted the accounting records to
Events Affecting Year 1 1. Provided $26,250 of cleaning services on account. 2. Collected $21,000 cash from accounts receivable. 3. Adjusted the accounting records to refect the estimate that uncollectible accounts expense would be ipercent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $197 account receivable that was determined to be uncollectible. 2. Provided $30,634 of cleaning services on account. 3. Collected $27,111 cash from accounts receivabie. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account Required: a. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: (1) Net income for Year 1 . (2) Net cash flow from operating octivities for Year 1 . (3) Balance of accounts recelvable at the end of Year 1. (4) Net realizable value of accounts recelvable at the end of Year 1. c. Determine the following emounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Yeor 2. (3) Bslance of accounts receivable of the end of Year 2. (4) Net realizable volue of accounts recelvable at the end of Year 2 Organize the transaction data in accounts under an accounting equation for Year 1 . Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2 . Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount
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