Answered step by step
Verified Expert Solution
Question
1 Approved Answer
im not sure what info it could be missing pls let me know so i can provide it. as i have provided everything the question
im not sure what info it could be missing pls let me know so i can provide it. as i have provided everything the question has.
Required information Exercise 7-7A (Algo) Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 72 [The following information applies to the questions displayed below.] Leach Incorporated experienced the following events for the first two years of its operations. Year 1: 1. Issued $28,000 of common stock for cash. 2. Provided $97,800 of services on account. 3. Provided $54,000 of services and received cash. 4. Collected $87,000 cash from accounts recelvable. 5. Pald $56,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Year 2: 1. Wrote off an uncollectible account for $1,550. 2. Provided $106,000 of services on account. 3. Provided $50,000 of services and collected cash. 4. Collected $99,000 cash from accounts recelvable. 5. Paid $83,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Exercise 7-7A (Algo) Part d d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. What is the net realizable value of the accounts receivable at December 31, Year 2? d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. What is the net realizable value of the accounts receivable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Record the Year 2 events in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) Required information Record the Year 2 events in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) tie ciruy. D Collected $99,000 cash from accounts recelvable. Record the entry. E Paid $83,000 of salaries expense for the year. Record the entry. F Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Record the entry. G Record the entry to close the revenue account. H Record the entry to close the expense accounts. Required information Complete this question by entering your answers in the tabs below. Post the Year 2 events to T-accounts. (Round your answers to the nearest whole dollar amounts.) 7. Closed the revenue account. 8. Closed the expense accounts. Exercise 7-7A (Algo) Part d d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the Income statement, statement of changes In stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts recelvable at December 31 , Year 2 ? Complete this question by entering your anmonsin.thethhomalam Assessment Tool iframe Prepare the income statement for Year 2. (Round your answers to the nearest whole dollar amounts.) 5. Paid $83,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Exercise 7-7A (Algo) Part d 1. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of change n stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts eceivable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. 5. Paid $83,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Exercise 7-7A (Algo) Part d d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of changes n stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts recelvable at December 31, Year 2 ? Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 2. (Enter amounts to be deducted with a minus sign. Round your answers to the nearest whole dollar amounts.) ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Exercise 7-7A (Algo) Part d d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of change: in stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts receivable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 2. (Enter cash outfows with a minus sign.) 1. Wrote off an uncollectible account for $1,550. 2. Provided $106,000 of services on account. 3. Provided $50,000 of services and collected cash. 4. Collected $99,000 cash from accounts recelvable. 5. Paid $83,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts recelvable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. xercise 7-7A (Algo) Part d Record the Year 2 events in general journal form and post them to T-accounts. Preparkhe income statement, statement of chang stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts ceivable at December 31, Year 2 ? Complete this question by entering your answers in the tabs below. What is the net realizable value of the accounts receivable at December 31, Year 2? (Round your answer to the nearest whole dollar amounts.) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started