Yeat 2 1. Wrote off an uncollectible account for $1,100 2. Provided $97,000 of services on account. 3. Provided $41,000 of services and collected cash. 4. Collected $90,000 cash from accounts recelvable 5. Paid $74,000 of salaries expense for the year 6. Adjusted the accounts to reflect uncollectible accounts expense for the year Leach estimates that 5 percent of the ending accounts recelvable balance will be uncollectible 7. Closed the revenue account 8. Closed the expense accounts. Exercise 7.7A (Algo) Part d d. Record the Year 2 events in general joumal form and post them to T-accounts. Prepare the income statement, statement of change in stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the accounts receivable at December 31 , Year 2 ? Complete this question by entering your answers in the tabs below. Record the Year 2 events in genenl fournal form. (If no entry is required for a transaction/event, select "No foumal entry required" in the flrst account field. Round your answers to the nearest whole dollar amounts.) Post the Year 2 events to T-account5. (Round your answers to the nearest whole dollar amounts.) d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, sta in stockholders' equity, balance sheet, and statement of cash flows for Year 2 . What is the net realizable value of the recelvable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 2. (Round your answers to the nearest whole dollar amounts.) d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement o in stockholders' equity, balance sheet and statement of cash flows for Year 2 . What is the net realizable value of the account: receivable at December 31, Year 2 ? Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 2. (Enter amounts to be deducted with a minus sign. Round your answers to the nearest whole dollar amounts.) Prepare the statement of cash flows for Year 2. (Enter cash outflows with a minus sign.) Requlred informstion Exercise 7.7A (Algo) Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7.2 The following information applies to the questions displayed belowv] Leach incorporated experienced the following events for the first two years of its operations Year 1 1. Issued 519,000 of common stock for cash 2. Provided $87,900 of services on account. 3. Provided $45.000 of services and received cash. 4. Collected $78.000 cash from accounts recelvable. 5. Paid 547,000 of salaries expense for the year 6. Adjusted the accounting records to reftect uncollectible accounts expense for the year Leach estimates that 5 percent of the ending accounts recenable balince will be uncollectible 7. Closed the revenue account. 8. Closed the expense accounts Year 2 1. Wrote off an uncoliecuble account for 51,100 2. Provided $97000 of services on account 3. Provided $41,000 of services and collected cash 4. Collected 590,000 cash from accounts receivable 5. Paid 574.000 of salaries expense for the year 6. Adjusted the accounts to refiect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts recelvable balance wil be uncollectuble 7. Closed the tevenue account 8. Closed the expense accounts
