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Required information [The following information applies to the questions displayed below.] Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the
Required information
[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:
- Provided $170,000 of cleaning services on account.
- Collected $127,500 cash from accounts receivable.
- Paid salaries of $42,000 for the year.
- Adjusted the accounts to reflect managements expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method.
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.)
Journal entry worksheet Provided $170,000 of cleaning services on account. Record the event. Note: Enter debits before credits. Journal entry worksheet Collected $127,500 cash from accounts receivable. Record the event. Note: Enter debits before credits. Journal entry worksheet Paid salaries of $42,000 for the year. Record the event. Note: Enter debits before credits. Journal entry worksheet Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Record the event. Note: Enter debits before credits
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