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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:

  1. Provided $220,000 of cleaning services on account.
  2. Collected $165,000 cash from accounts receivable.
  3. Paid salaries of $44,000 for the year.
  4. Adjusted the accounts to reflect managements expectations that uncollectible accounts expense would be $1,700. The expense was determined using the percent of revenue method.

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b. Post the general journal entries to T-accounts. Cash Service Revenue Beg. Bal. Beg Bal. 2 165,000 End. Bal. 165,000 End. Bal. Accounts Receivable Salaries Expense Beg Bal Beg. Bal. 16,500 165,000 148,500 End. Bal. End. Bal. Allowance for Doubtful Accounts Uncollectible Acctounts Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal

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