Rosie Dry Cleaning was started on January Year It experienced the following events during its first two years of operation.
Events Affecting Year
Provided $ of cleaning services on account.
Collected $ cash from accounts receivable.
Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be percent of the cleaning revenue on account.
Events Affecting Year
Wrote off a $ account receivable that was determined to be uncollectible.
Provided $ of cleaning services on account.
Collected $ cash from accounts receivable.
Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be percent of the cleaning revenue on account.
Required
a Record the events for Year and Year including closing entries for Year in Taccounts.
b Determine the following amounts:
Net income for Year
Net cash flow from operating activities for Year
Balance of accounts receivable at the end of Year
Net realizable value of accounts receivable at the end of Year
