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Events Affecting Year 1 1. Provided $28,890 of cleaning services on account. 2. Collected $23,112 cash from accounts receivable. 3. Adjusted the accounting records to
Events Affecting Year 1 1. Provided $28,890 of cleaning services on account. 2. Collected $23,112 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $217 account receivable that was determined to be uncollectible. 2. Provided $33,715 of cleaning services on account. 3. Collected $29,838 cash from accounts receivable. 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. Record the events for Year 1 and Year 2 (including closing entries for Year 1) in T-accounts. b. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1. c. Repeat Requirement b for the Year 2 accounting period. Required B > Complete this question by entering your answers in the tabs below. Determine the following amounts: (Round your intermediate calculations to nearest whole dollar.) (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1. Complete this question by entering your answers in the tabs below
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