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Leach incorporated experienced the following events for the first two years of its operations: Year...

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Accounting

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Leach incorporated experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account 3. Provided $33,000 of services and received cash. 4. Collected $37,000 cash from accounts recelvable. 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 recelvable baiance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,700. 2. Provided $90,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $26,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncoliectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts recelvable batance 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

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