Vulcan Service Co. experienced the following transactions for 2016, its first year of operations:

Vulcan Service Co. experienced the following transactions for 2016, its first year of operations:

1.	Provided $74,000 of services on account.
2.	Collected $44,400 cash from accounts receivable.
3.	Paid $28,000 of salaries expense for the year.
4.	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	$	21,904		.01
0-30		1,480		.05
31-60		2,072		.10
61-90		1,776		.30
Over 90 days		2,368		.50

(Round your intermediate calculations and final answers to nearest whole dollar.)

Required
a.	Record the above transactions in general journal form and post to T-accounts.

b.

Prepare the income statement for Vulcan Service Co. for 2016.

 

c. What is the net realizable value of the accounts receivable at December 31, 2016?

Thank you!