Required informotion Exercise 7.7A (Algo) Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO7.2 [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 $60.000 of services on account 3. Provided $31,000 of services and recelved cash. 4. Collected $29,000 cash from accounts recelvable 5. Paid $14,000 of salaries expense for the ycar. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts recelvable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2.740. 2. Provided $80,000 of services on account. 3. Provided $25,000 of services and collected cash 4. Collected $62,000 cash from accounts recelvable: 5. Paid $22,000 of salarles expense for the year: 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Required: a. Organize the transaction data in accounts under an accounting equation. Note: Enter ony decreoses to account bolances with a minus sign. Not all cells require input