Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500...
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Accounting
Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500 cash from accounts receivable. 3. Paid salaries of $48,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,000. The expense was determined using the percent of revenue method. Required: a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. Prepare a balance sheet for Year 1 . Prepare a statement of cash flows for Year 1. Note: Amounts to be deducted should be indicated with a minus sign
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