Events Affecting Year 1 1. Provided $45,000 of cleaning services on account 2. Collected $39,000 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 $300 account receivable that was determined to be uncollectible. 2. Provided $62,000 of cleaning services on account. 3. Collected $61,000 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. 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 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. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2 (3) Balance of accounts receivable at the end of Year 2 (4) Net realizable value of accounts receivable at the end of Year 2. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 ReqB Reqc Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Event ROSIE DRY CLEANING Accounting Equation for Year 1 Balance Shoot Assets Liabilities Equity Account Titles for Retained NRV Earnings Retained Cash Accounts Receivable Earnings 45,000 45,000 Service revenue 39,000+ (450) (450) Uncollectible accounts expense 39,000 + 44,550 - 0 + 44,550 1 2. + + + 3 Bal. RA Reg A2 > Reg A1 Regaz Req B Regc Organize the transaction data in accounts under an accounting equation for Year 2. (Enter any decreases to account balances with a minus sign. Not all cells require input.) ROSIE DRY CLEANING Accounting Equation for Year 2 Balance Sheet Assets Liabilities Equity NRV Retained Accounts Receivable Earnings Account Titles for Retained Earnings Event Cash Bal. 1. N ++ 3 4. 0 Bal 0 + 0 Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Reqc Determine the following amounts for the Year 1 accounting period. Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 ReqB Reqc Determine the following amounts for the Year 2 accounting period. Net Income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable