Journal entry worksheet
- A- Provided $68,000 of services on account.
- B- Collected $40,800 cash from accounts receivable.
- C- Paid $28,000 of salaries expense for the year.
- D- Record the adjustments on the accounts receivable account.
Exercise 7-8A Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $68,000 of services on account. 2. Collected $40,800 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year. 4. 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 Amount $ 20,128 1,360 1,904 1,632 2,176 Percent Likely to Allowance Be Balance Uncollectible .01 .05 .10 .30 .50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required Required Required Required A General AT B Record the above transactions 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 intermediate calculations and final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet Provided $68,000 of services on account. Note: Enter debits before credits. General Journal Debit Transaction 1 Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required Required Required Required A General AT B Record the above transactions in post to T-accounts. (Round your intermediate calculations and final answers to nearest whole dollar.) Cash Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Receivable Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Uncollectible Acctounts Expense Allowance for Doubtful Accounts Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required Required Required Required A General AT B Prepare the income statement for Vulcan Service Co. for Year 1. (Round your intermediate calculations and final answers to nearest whole dollar.) VULCAN SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 0 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required Required Required Required A General B AT What is the net realizable value of the accounts receivable at December 31, Year 1? (Round your intermediate calculations and final answer to nearest whole dollar.) Net realizable value
