Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation Events Affecting Year 1 1. Provided $45,000 of cleaning services on account 2. Collected $39,000 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account Events Affecting Year 2 1. Wrote off a $300 account receivable that was determined to be uncollectible 2. Provided $62,000 of cleaning services on account 3. Collected $61,000 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account Required 0. Organize the transaction data in accounts under an accounting equation for each year b. Determine the following amounts: (1) Net income for Year 1 (2) Net cash flow from operating activities for Year 1 (3) Balance of accounts receivable at the end of Year 1 (4) Net realizable value of accounts receivable at the end of Year 2 Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Rege Reqc Organize the transaction data in accounts under an accounting equation for Year 1. (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. Not all cells will require entry) Event ROSIE DRY CLEANING Accounting Equation for the Yeart Balance Sheet Assets Equity Accounts Titles for Retained NRV Accounts Retained Earnings Cash Receivable Earnings 45.000 45.000 39.000 - (39.000) Salanes expense (450) Service rovence 39.000 G000 44.550 . 1 2 . 3 Bal Organize the transaction data in accounts under an accounting equation for Year 2. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earrings, leave the cell blank. Notas cells will require entry) Event ROSIE DRY CLEANING Accounting Equation for the Year 2 Balance Sheet Assets Equity Accounts Titles for Retained Earnings NRV Accounts Retained Cash Receivable Earnings (300) 0 62.000 (61.000) = 61.0001 Bal 1 2 3 4 700 61.000 Bal