fredo service co. experienced

Friedo Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $90,000 of services on account. 2. Collected $75,000 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the year. 4. Friedo adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Percent Likely to Be Allowance Balance Amount $6,000 3,500 2,000 1,500 2,000 Uncollectible 0.01 0.10 0.40 Required a. Record the above transactions in general journal form a b. Prepare the income statement for Friedo Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? ts