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. Paid $26,000 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 .01 Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 over 90 days Amount $20,720 1,400 1,960 1,680 2,240 .05 . 10 .30 .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? Journal entry worksheet