can i get help with 5 D and JE Year 2
Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations In Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1,350,800 of merchandise on credit that had cost $980,000), terms n/30. b. Wrote off $18,600 of uncollectible accounts receivable. C. Received $665,600 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 120% of accounts receivable would be uncollectible. Year 2 e. Sold $1,543,400 of merchandise (that had cost $1,286,000) on credit, terms 1/30 1. Wrote off $29,000 of uncollectible accounts receivable. g. Received $1,124,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable would be uncollectible, Required: Prepare journal entries to record Lang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual Inventory system, and it applies the allowance method for its accounts receivable) (Round your intermediate calculations to the nearest dollar.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang's Year 1 summarized transactions and its year and adjustments to record bad debts expense (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable) View transaction ist View Journal entry worksheet Credit No General Journal Transaction (1) Debit 1,350,000 1 Accounts receivable Sales 1,350,000 980.000 2 a(2) Cost of goods sold Merchandise inventory 980,000 18,800 3 b Allowance for doubtful accounts Prev 1 of 1 12 Next WWW.HCL MULTIV g. Received $1,124,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable would be uncollectible Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable) (Round your Intermediate calculations to the nearest dollar.) Answer is not complete Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang's Year 1 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual Inventory system, and it applies the allowance method for its accounts receivable) No Transaction General Journal Debit Credit 1 a(1) Accounts receivable 1,350,000 Sales 1,350,000 olo 2 a(2) 980,000 Cost of goods sold Merchandise Inventory 060,000 3 b. 18.600 Allowance for doubtful accounts Accounts receivable 18.000 4 a 605,600 Cash Accounts receivable 00 665,000 5 818.640 d. Bad debts expense Allowance for doubtful accounts Blo 818.640 2 Year 25 TULE VAV VI VIILULUIS ULLVUHOLIVUVI. g. Received $1,124,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) Answer is not complete. Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual Inventory system, and it applies the allowance method for its accounts receivable) No Transaction General Journal Debit Credit JE Year 1
