Vulcan Service Co. experienced the following transactions for Year 1. its first year of operations: 5 1. Provided $76,000 of services on account. 2. Collected $45.600 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 0154 OR Allowance Balance ellook Number of Days Past Due Current 0-30 31-60 61.90 over 90 days Amount $22,495 1,520 2,128 1,824 2,432 Percent Likely to Be Uncollectible .01 .05 10 30 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 Required B Accounts Required Journal Record the above transactions in general Journal form. (Ir 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 Journal entry worksheet > B D Provided $76,000 of services on account. Balance 5 Past Due Current 0-30 31-60 61-90 Over 90 days Amount $22,496 1,520 2,128 1.824 2,432 Be Uncollectible .01 .95 10 30 50 01:53:52 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? eBook Complete this question by entering your answers in the tabs below. Required A General Journal Required AT Accounts Required B Required 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 End Bal Uncollectible Accounts Expense Allowance for Doubtful Accounts Beg Bal Beg Bal End. Bal End Bal Balance 5 Past Due Current 0-30 31-60 61-90 Over 90 days Amount $22,496 1,520 2,128 Be Uncollectible .01 OS 10 30 50 1,824 2,432 01:53:37 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? Book Complete this question by entering your answers in the tabs below. Required A General Required AT Accounts Required B Required c Journal 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 Operating expenses Total operating expenses Vulcan Service Co. experienced the following transactions for Year 1 its first year of operations: 1. Provided $76,000 of services on account. 2. Collected $45.600 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: 3-27 Number of Days Past Due Current Allowance Balance 31-60 61-90 Over 90 days Amount $22,496 1,520 2,128 1,824 2,432 Percent likely to Be Uncollectible .01 .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? Complete this question by entering your answers in the tabs below. Required A Required AT General Accounts Required B Required Journal What is the net realizable value of the accounts receivable at December 31, Year 12 (Round your intermediate calculations and final antwer to nearest whole dollar) Necalizable value
