Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $39,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,550. 2. Provided $90,000 of services on account. 3. Provided $15,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $20,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Required: a. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. LEACH INCORPORATED Accounting Equation for Year 1 Assets Equity Event Cash NRV Accounts Receivable Liabilities + 1. 10,000+ Common Stock 10,000 + + Retained Account Titles for Retained Earnings Earnings 2. + 70,000 = + 70,000 Service revenue 3. 31,000+ + 31,000 Service revenue 4. 39,000+ (39,000)= + 5. 16,000+ (16,000)= + 6. + + Salaries expense Uncollectible accounts expense Balance 96,000 + 15,000 = 0+ 10,000 + 101,000