Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations:

1. Provided $74,000 of services on account.
2. Collected $44,400 cash from accounts receivable.
3. Paid $32,000 of salaries expense for the year.
4. Adjusted the accounts using the following information from an accounts receivable aging schedule:

Number of Days Past Due	Amount			Percent Likely to Be Uncollectible	Allowance Balance
Current	$	21,904		.01
0-30		1,480		.05
31-60		2,072		.10
61-90		1,776		.30
Over 90 days		2,368		.50

Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?

Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.)

No	Transaction	General Journal	Debit	Credit
A	1	Accounts receivable	74,000
		Service revenue		74,000
B	2	Cash	44,000
		Accounts receivable		44,000
C	3	Salaries expense	32,000
		Cash		32,000
D	4	Uncollectible accounts expense	4,854
		Allowance for doubtful accounts		4,854

• Record the above transactions in post to T-accounts. (Round your intermediate calculations and final answers to nearest whole dollar.)

  Cash					Service Revenue
  Beg. Bal.					Beg. Bal.
  End. Bal.					End. Bal.
  Accounts Receivable					Salaries Expense
  Beg. Bal.					Beg. Bal.
  End. Bal.	0				End. Bal.
  Allowance for Doubtful Accounts					Uncollectible Acctounts Expense
  Beg. Bal.					Beg. Bal.
  End. Bal.					End. Bal.

Prepare the income statement for Vulcan Service Co. for Year 1. (Round your intermediate calculations and final answers to nearest whole dollar.)

VULCAN SERVICE CO.
Income Statement
For the Year Ended December 31, Year 1
Service revenue		$74,000
Operating expenses
Salaries expense	$32,000
Uncollectible accounts expense	4,854
Total operating expenses		36,854
Net income		$37,146

What is the net realizable value of the accounts receivable at December 31, Year 1? (Round your intermediate calculations and final answer to nearest whole dollar.)

Net realizable value