Holmes cleaning service began operation on january 1, year 1. the company experienced the following events for its first year of operations:
events affecting year 1:
1. provided $140,000 of cleaning services on account.
2. collected $105,000 cash from accounts receivable.
3. paid salaries of $44,000 for the year. adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,900.
4. the expense was determined using the percent of revenue method.
Prepare general journal entries for the above events.
