Exercise 2-1 Effect of collecting accounts recelvable on the accounting equation and financial statements LO 21 Burke Company eaned $8,300 of service revenue on account during 2014. The company collected $7,055 cash from accounts receivable during 2014 Required Based on this information alone, determine the following for Burke 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) BURKE COMPANY Effect of Events on the 2014 Accounting Equation Assets Liabilities Stockholders' Equity Event Cash Accounts Common Retained Eaned revenue Collected accounts receivable Ending balance a. The balance of the accounts receivable that Burke would report on the December 31, 2014, balance sheet b. The amount of net income that Burke would report on the 2014 income statement