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 $1$:

Provided $$210,000$ of cleaning services on account.

Collected $$157,500$ cash from accounts receivable.

Paid salaries of $$30,000$ for the year.

Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $$1,400.$ 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.

ReqA

Req B$1$

Req B$2$

Req B$3$

Organize the transaction data in accounts under an accountin$$ equation.

Note: Enter any decreases to account balances with a minus sign. Not all cells require input.

$\backslash$table$[[$Event$,$Balance Sheet,Account Titles for Retained Earnings$],[$Assets$,=,$Liabilities,$+,\backslash$table$[[$Equity$],[$Retained$],[$Earnings$]]],[$Cash$,+,\backslash$table$[[$NRV$],[$Accounts$],[$Receivable$]]],[$Year $1],[1.,,+,,=,,+,,],[0,sin,1+,,I=1,,1+,,]]$