Exercise 7.2A (Algo) Accounting for uncollectible accounts: allowance method LO 7.1 Hoimes Cleaning Service began...
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Exercise 7.2A (Algo) Accounting for uncollectible accounts: allowance method LO 7.1 Hoimes Cleaning Service began operation on January 1, Year 1. The compary experienced the following events for its first year of operations: Events Affecting Year t: 1. Provided $200.000 of eleaning services on account. 2. Collected $150.000 cash from accounts receivable. 3. Paid salaries of $42.000 for the year. 4. Adjusted the occounts to reflect manapement's expectations that uncollect ble accounts expense would be 51,400 . The expense was determined using the percent of revonue method Required: a. Organize the transaction date in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Yoar 1 . Complete this question by entering your answern in the tatis below. Prepare a balance sheet for Vear 1
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