Ch Liang Company began operations on January 1, 2016. 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 2016 o. Sold $1.351.200 of merchandise (that had cost $983,200) on credit, terms n/30 b. Wrote off $18,300 of uncollectible accounts receivable c. Received $674,700 cash in payment of accounts receivable. d In adjusting the accounts on December 31, the company estimated that1 60% of accounts receivable will be uncollectible. 2017 e. Sold $1,520,900 of merchandise (that had cost $1.295,000) on credit, terms n/30 f. Wrote off $32,900 of uncollectible accounts receivable. g. Received $1,371,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1 60% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Liang's 2016 and 2017 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 doller amount.) Required: Prepare journal entries to record Liang's 2016 and 2017 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 amount.) Complete this question by entering your answers in the tabs below. JE 2016 JE 2017 expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) View transaction list Journal entry worksheet Sold $1,351,200 of merchandise on credit, terms n/30. Journal entry worksheet 2 3 4 Sold $1,351,200 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general jour DOLL Journal entry worksheet 3 Record cost of goods sold, $983,200. Note: Enter debits before credits. Transaction General Journal Debit Credit a(2) Record entry Clear entry View general journal K Prey 8 of 8E Next DELL Journal entry worksheet 2 3 Wrote off $18,300 of uncollectible accounts receivable. Note: Enter debits before credits. General Journal Credit Transaction Debit Record entry Clear entry View generat journal DOLL Journal entry worksheet 2 Received $674,700 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal 8 of 8 OLL Journal entry worksheet 2 In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable will be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear enry Viow gonerat jour B of DOLL
