Provided $70,000 of services on account. Collected $42,000 cash from accounts receivable. Paid $30,000 of...
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Provided $70,000 of services on account. Collected $42,000 cash from accounts receivable. Paid $30,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $20,720 0.01 0 to 30 1,400 0.05 31 to 60 1,960 0.10 61 to 90 1,680 0.30 Over 90 days 2,240 0.50 Required Record the given transactions in general journal form and post to T-accounts. Prepare the income statement for Vulcan Service Company for Year 1. What is the net realizable value of the accounts receivable at December 31, Year 1
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