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Vulcan Service Company experienced the following transactions for Year 1, its first year of operations:...

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Accounting

Vulcan Service Company experienced the following transactions for Year 1, its first year of operations:
Provided $80,000 of services on account.
Collected $48,000 cash from accounts receivable.
Paid $32,000 of salaries expense for the year.
Adjusted the accounts using the following information from an accounts receivable aging schedule:
Required
a. Record the given transactions in general journal form and post to T-accounts.
b. Prepare the income statement for Vulcan Service Company for Year 1.
c. What is the net realizable value of the accounts receivable at December 31, Year 1?
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