Provided $72,000 of services on account.

Collected $43,200 cash from accounts receivable.

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

Record the adjusting entry for uncollectible accounts.

Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 72,73 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $43,200 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1 ? Post the entries to the T-accounts. (Round your intermediate calculations and final answers to nearest whole dollar.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Cash } & \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Ending Balance Required B> VULCAN SERVICE COMPANY Income Statement For the Year Ended December 31, Year 1 \begin{tabular}{|c|c|c|} \hline & & \\ \hline Operating expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline & & \\ \hline \end{tabular} C> 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.)