Question
Michelles Accounting Service began operation on January 1, 2014. The company experienced the following events for its first year of operations: Events Affecting 2014: 1.
Michelles Accounting Service began operation on January 1, 2014. The company experienced the following events for its first year of operations:
Events Affecting 2014: |
1. | Provided $150,000 of accounting services on account. | |||||||
2. | Collected $112,500 cash from accounts receivable. | |||||||
3. | Paid salaries of $32,000 for the year. | |||||||
4. | Adjusted the accounts to reflect managements expectations that uncollectible accounts expense would be $1,300.
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