{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T00:00:45-04:00", "answer_date": "2024-05-27 00:00:45", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1766431", "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-displayed-1766431", "question_creation_date_js": "2024-05-27T00:00:45-04:00", "question_creation_date": "May 27, 2024 12:00 AM", "meta_title": "[Solved] Required information [The following infor | SolutionInn", "meta_description": "Answer of - Required information [The following information applies to the questions displayed below.) Leach Incorporated experien | SolutionInn", "meta_keywords": "required,information,applies,questions,displayed,below,leach,incorporated,experienced,events,first,two", "question_title_h1": " Required information [The following information applies to the questions displayed below.) Leach Incorporated experienced the following events for the first two years of its", "question_title": " Required information [The following information applies to the questions displayed below.)", "question_title_for_js_snippet": "Required information The following information applies to the questions displayed below ) Leach Incorporated experienced the following events for the first two years of its operations Year 1 1 Issued $10,000 of common stock for cash 2 Provided $78,000 of services on account 3 Provided $36,000 of services and received cash 4 Collected $69,000 cash from accounts receivable 5 Paid $38,000 of salaries expense for the year 6 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 7 Closed the revenue account 8 Closed the expense accounts Year 2 1 Wrote off an uncollectible account for $650 2 Provided $88,000 of services on account 3 Provided $32 000 of services and collected cash 4 Collected $81,000 cash from accounts receivable 5 Paid $65,000 of salaries expense for the year 6 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 7 Closed the revenue account 8 Closed the expense accounts d Record the Year 2 events in general iournal form and post them to T accounts Prepare the income statement statement of", "question_description": "\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image\"image", "transcribed_text": "Required information [The following information applies to the questions displayed below.) Leach Incorporated experienced the following events for the first two years of its operations. Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. 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. 7. Closed the revenue account. 8. Closed the expense accounts. Year 2: 1. Wrote off an uncollectible account for $650. 2. Provided $88,000 of services on account. 3. Provided $32.000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense for the year. 6. 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. 7. Closed the revenue account. 8. Closed the expense accounts. d. Record the Year 2 events in general iournal form and post them to T-accounts. Prepare the income statement statement of", "related_book": { "title": "Managerial Accounting Tools for Business Decision Making ", "isbn": "1118856996, 978-1118856994", "edition": "4th Canadian edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1190.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-4th-canadian-edition-1190", "see_more_uri": "" }, "free_related_book": { "isbn": "1845201132", "uri": "\/textbooks\/the-anthropology-of-sex-1st-edition-978-1845201135-138463", "name": "The Anthropology Of Sex", "edition": "1st Edition" }, "question_posted": "2024-05-27 00:00:45", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/according-to-the-1980-revisions-to-the-copyright-act-of-404829", "description": "According to the 1980 revisions to the Copyright Act of 1976,_____. a. the owner of a copyrighted program is allowed to make multiplecopies or adaptations for use on other computers b. copyright...", "stars": 3 }, { "url": "\/in-january-2015-the-management-of-kord-company-concludes-that", "description": "In January 2015, the management of Kord Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. 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