Renue Spa had the following balances at December 31, Year 2: Cash of $12,000, Accounts Receivable of $81,000, Allowance for Doubtful Accounts of $2,700, and Retained Earnings of $90,300. During Year 3, the following events occurred: 1. $2,600 of accounts receivable were written off as uncollectible. 2. Renue unexpectedly collected $100 of receivables that had been written off in a previous accounting period. 3. Services provided on account during Year 3 were $215,000. 4. Cash collections from receivables were $216,972. 5. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Organize the transaction data in accounts under an accounting oquation
Renue Spa had the following balances at December 31, Year 2: Cash of $12,000, Accounts Receivable of $81,000, Allowance for Doubtful Accounts of $2,700, and Retained Earnings of $90,300. During Year 3, the following events occurred: 1. $2,600 of accounts receivable were written off as uncollectible. 2. Renue unexpectedly collected $100 of receivables that had been written off in a previous accounting period. 3. Services provided on account during Year 3 were $215,000. 4. Cash collections from receivables were $216,972. 5. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Organize the transaction data in accounts under an accounting oquation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me fill out this table. Thank you so much.
Transcribed Image Text:Event
Bal.
1.
Ꭴ Ꭲ Ꭶ Ꭲ
2a.
2b.
3.
4.
5.
Bal.
Cash
Assets
+
+
+1
+
+ + + +
0 +
NRV
Accounts
Receivable
11
||| ||
0=
RENUE SPA
Accounting Equation
Liabilities
Equity
Retained
Earnings
+
+
+
+
+
+
++
0+
0
Account Titles for Retained Earnings
Transcribed Image Text:Renue Spa had the following balances at December 31, Year 2: Cash of $12,000, Accounts Receivable of $81,000, Allowance for
Doubtful Accounts of $2,700, and Retained Earnings of $90,300. During Year 3, the following events occurred:
1. $2,600 of accounts receivable were written off as uncollectible.
2. Renue unexpectedly collected $100 of receivables that had been written off in a previous accounting period.
3. Services provided on account during Year 3 were $215,000.
4. Cash collections from receivables were $216,972.
5. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period.
Required
a. Organize the transaction data in accounts under an accounting equation.
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