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Required Information [The following information applies to the questions displayed below.] Leach Incorporated experlenced the following events for the first two years of its operations:
Required Information [The following information applies to the questions displayed below.] Leach Incorporated experlenced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $31,000 of services and recelved cash. 4. Collected $39,000 cash from accounts recervable. 5. Paid $20,000 of salarles expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts recelvable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,670. 2. Provided $90,000 of services on account. 3. Provided $30,000 of services and collected cash. 4. Collected $72,000 cash from accounts recelvable. 5. Paid $28,000 of salarles expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts recelvable balance will be uncollectible. equired: Organize the transaction data In accounts under an accounting equation. ote: Enter any decreases to account balances with a minus sign. Not all cells require Input
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