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Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year

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Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $150,000 of cleaning services on account. 2. Collected $112.500 cash from accounts receivable. 3. Paid salaries of $48,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1.200. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Reg B3 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Event Balance Sheet Assets Liabilities NRV + Accounts Receivable Account Titles for Retained Earnings Equity Retained Earnings Cash Year 1 1. 2. + + 3. + ++++ 4. Bal

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