Business, 24.11.2020 18:20 bain80

Wrote off an uncollectible account for $650. Provided $88,000 of services on account. Provided $32,000 of services and collected cash. Collected $81,000 cash from accounts receivable. Paid $65,000 of salaries expense for the year. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. d-1. Organize the transaction data in accounts under an accounting equation. d-2. Prepare an income statement for 2019. d-3. Prepare the statement of changes in stockholders' equity for 2019. d-4. Prepare the balance sheet for 2019. d-5. Prepare the statement of cash flows for 2019. d-6. What is the net realizable value of the accounts receivable at December 31, 2019?

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This question is incomplete. Since it is missing most of the information, I looked for a similar question and found this:

2018:

Issued $10,000 of common stock for cash. Provided $78,000 of services on account. Provided $36,000 of services and received cash. Collected $69,000 cash from accounts receivable. Paid $38,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Closed the revenue account. Closed the expense account.

2019:

Wrote off an uncollectible account for $650. Provided $88,000 of services on account. Provided $32,000 of services and collected cash. Collected $81,000 cash from accounts receivable. Paid $65,000 of salaries expense for the year. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.journal entries 2018

Issued $10,000 of common stock for cash.

Dr cash 10,000

Cr common stock 10,000

Provided $78,000 of services on account.

Dr accounts receivable 78,000

Cr service revenue 78,000

Provided $36,000 of services and received cash.

Dr cash 36,000

Cr service revenue 36,000

Collected $69,000 cash from accounts receivable.

Dr cash 69,000

Cr accounts receivable 69,000

Paid $38,000 of salaries expense for the year.

Dr wages expense 38,000

Cr cash 38,000

Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 450

Cr accounts receivable 450

Closed the revenue account. Closed the expense account.

Dr service revenue 114,000

Cr income summary 114,000

Dr income summary 38,450

Cr wages expense 38,000

Cr bad debt expense 450

Dr income summary 75,550

Cr retained earnings 75,550

income statement 2018

Service revenue $114,000

Expenses:

Wages $38,000 Bad debt $450 ($38,450)

Net income $75,550

balance sheet 2018

Assets:

Cash $77,000

Accounts receivable $8,550

total assets $85,550

Equity:

Common stock $10,000

Retained earnings $75,550

total equity $85,550

statement of cash flows 2018

Cash flows form operating activities:

Net income $75,550

adjustments:

Increase in accounts receivable ($8,550)

net cash from operating activities $67,000

Cash flow from financing activities:

Common stocks issued $10,000

Net cash increase $77,000

beginning cash balance $0

Ending cash balance $87,000

journal entries 2019

Wrote off an uncollectible account for $650.

Dr bad debt expense 650

Cr accounts receivable 650

Provided $88,000 of services on account.

Dr accounts receivable 88,000

Cr service revenue 88,000

Provided $32,000 of services and collected cash.

Dr cash 32,000

Cr service revenue 32,000

Collected $81,000 cash from accounts receivable.

Dr cash 81,000

Cr accounts receivable 81,000

Paid $65,000 of salaries expense for the year.

Dr wages expense 65,000

Cr cash 65,000

Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 745

Cr accounts receivable 745

income statement 2019

Service revenue $120,000

Expenses:

Wages $65,000 Bad debt $1,395 ($38,450)

Net income $53,605

balance sheet 2019

Assets:

Cash $125,000

Accounts receivable $14,155

total assets $139,155

Equity:

Common stock $10,000

Retained earnings $129,155

total equity $139,155

statement of cash flows 2019

Cash flows form operating activities:

Net income $53,605

adjustments:

Increase in accounts receivable ($5,605)

net cash from operating activities $48,000

Net cash increase $48,000

beginning cash balance $77,000

Ending cash balance $125,000

net realizable value accounts receivable

net realizable value of accounts receivable 2018 = $8,550

net realizable value of accounts receivable 2019 = $14,155

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