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Holloway Company started operations on January 1, Year 1. During Year 1, Holloway ...

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Question

Accounting

Holloway Company started operations on January 1, Year 1. During Year 1, Holloway
earned $9,300 of service revenue and collected $7,905 cash from accounts
receivable.
Required:
Based on this information alone, determine the following for Holloway Company. (Hint.
Record the events in a horizontal financial statements model before satisfying the
requirements.)
Note: Enter any decreases to account balances with a minus sign.
a. The balance of the accounts receivable that would be reported on the December
31, Year 1, balance sheet.
Accounts receivable
b. The amount of net income that would be reported on the Year 1 income statement.
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