Required information The following information applies to the questions displayed below Leach Inc experienced the following events for the first two years of its operations 2018 Issued $10,000 of common stock for cash Provided $70,000 of services on account Provided $31,000 of services and received cash Collected $39,000 cash from accounts receivable Paid $12,000 of salaries expense for the year Adjusted the accounting records to reflect uncollectible accounts expense for the year Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible 2019 Wrote off an uncollectible account for $650 Provided $90,000 of services on account Provided $25,000 of services and collected cash Collected $72,000 cash from accounts receivable Paid $26,000 of salaries expense for the year Adjusted the accounts to reflect uncollectible accounts expense for the year Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible Required Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank )

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Posted on Jun 27, 2024

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[The following information applies to the questions displayed below.]

Leach Inc. experienced the following events for the first two years of its operations:

2018:

Issued $10,000 of common stock for cash.
Provided $70,000 of services on account.
Provided $31,000 of services and received cash.
Collected $39,000 cash from accounts receivable.
Paid $12,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible.

2019:

Wrote off an uncollectible account for $650.
Provided $90,000 of services on account.
Provided $25,000 of services and collected cash.
Collected $72,000 cash from accounts receivable.
Paid $26,000 of salaries expense for the year.
Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible.

Required

Organize the transaction data in accounts under an accounting equation.(Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.)