Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $70,000 of services on account. 2. Collected $42,000 cash from accounts receivable. 3. Pald $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Percent Likely to Be Uncollectible Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Mount $20,720 1.000 1.960 1.680 2.240 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? Complete this question by entering your answers in the tabs below. Required A General Required AT Accounts Required B Required C 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.) View transaction list View journal entry worksheet No Transaction General Journal - Debit Credit Saved Required A General Journal Required AT Accounts Required B Required C Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No Journal entry regu in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 70,000 Accounts receivable Service revenue 70,000 42.000 Cash Accounts receivable 42,000 32,000 Salaries expense Cash 32.000 Uncollectible accounts expense Allowance for doubtful accounts Required AT Accounts >