Grover Inc. uses the allowance method to account for uncollectible accounts expense. Grover, Inc. experienced the following four accounting events in Yeart 1. Recognized $72,000 of revenue on account. 2. Collected $66,000 cash from accounts receivable. 3. Wrote off uncollectible accounts of $700. 4. Recognized uncollectible accounts expense. Grover estimated that uncollectible accounts expense will be 3 percent of sales on account Required a. Show the effect of each event on the elements of the financial statements, using a horizontal statements model like the one shown next. Use for increase, - for decrease, and NA for not affected. In the cash flow column, indicate whether the item is an operating activity (OA), Investing activity (IA, or financing activity (FA) or not affected (NA). The first transaction is entered as an example. b. Record the above transactions in general Journal form. Complete this question by entering your answers in the tabs below. Required A Required B for Show the effect of each event on the elements of the financial statements, using a horizontal statements model like the one shown next. Use increase, - for decrease, and NA for not affected. In the cash flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) or not affected (NA). The first transaction is entered as an example. Effect of Events on the Financial Statements Balance Sheet Income Statement Cash Flow NA . . NA Required ) Prer sa Next > * # 24 oo w Grover incestr owce method to account for accounting events in Yeart collectible accounts expense. Grover, Inc. p enced the following 1. Recognized $72.000 of revenue on account 2. Collected $66.000 cash from accounts receivable. 3. Wrote off uncollectible accounts of $700. 4. Recognized uncollectible accounts expense. Grover estimated that uncollectible accounts expense will be 3 percent of sales on account Required a. Show the effect of each event on the elements of the financial statements, using a horizontal statements modele the one shown next. Use for increase - for decrease, and NA for not affected. In the cash flow column, indicate whether the term is an operating activity (OAInvesting activity (Alor financing activity (FA) or not affected (NAL The first transaction is entered as an example. b. Record the above transactions in general journal form Complete this question by entering your answers in the tabs below. Required A Required Record the above transactions in general Journal form. (If no entry is required for a transaction/event, select "Ne jumal entry required in the first account Red.) View transaction list Journal entry worksheet