Leach Inc experienced the following events for the first two years of its operations 2018 Issued $10,000 of common stock for cash Provided $80,000 of services on account Provided $33,000 of services and received cash Collected $47,000 cash from accounts receivable Paid $14,000 of salaries expense for the year 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 2019 Wrote off an uncollectible account for $670 Provided $100,000 of services on account Provided $25,000 of services and collected cash Collected $82,000 cash from accounts receivable Paid $28,000 of salaries expense for the year 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 Required Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank ) LEACH INC Accounting Equation for the Year 2018 Event Assets Liabilities Equity Accounting Titles for Retained Earnings Cash Accounts Receivable Allowance Common stock Retained Earnings 1 2 3 4 5 6 Bal 0 0 0 0 0 0

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Posted on Jul 18, 2024

Leach Inc. experienced the following events for the first two years of its operations:

2018:

Issued $10,000 of common stock for cash.
Provided $80,000 of services on account.
Provided $33,000 of services and received cash.
Collected $47,000 cash from accounts receivable.
Paid $14,000 of salaries expense for the year.
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.

2019:

Wrote off an uncollectible account for $670.
Provided $100,000 of services on account.
Provided $25,000 of services and collected cash.
Collected $82,000 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
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.

Required

Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.)

LEACH INC.

Accounting Equation for the Year 2018

Event

Assets

Liabilities

Equity

Accounting Titles for Retained Earnings

Cash

Accounts Receivable

Allowance

Common stock

Retained Earnings