Required information

Exercise 7-2A Accounting for uncollectible accounts: allowance method LO 7-1

[The following information applies to the questions displayed below.] Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1:

1. Provided $160,000 of cleaning services on account.
2. Collected $120,000 cash from accounts receivable.
3. Paid salaries of $24,000 for the year.
4. Adjusted the accounts to reflect managements expectations that uncollectible accounts expense would be $1,600. The expense was determined using the percent of revenue method.

Exercise 7-2A Part a

Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required information Exercise 7-2A Accounting for uncollectible accounts: allowance method LO 7-1 [The following information applies to the questions displayed below.) Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $24,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,600. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet