Chec 10 Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 be Liang Company began operations in Yeart. 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 51345.434 of merchandise (that had cost $975.000) on credit, terms 11/30. b. Wrote of $18.300 of uncollectible accounts receivable, c. Received $669 200 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 15% of accounts receivable would be uncollectible Year 2 Sold 51525.634 of merchandise on credit (at had cost $1.250.000), tecnis /30 1. Wrote off $27800 of uncollectible accounts receivable Received $1.204,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 15% of accounts receivable would be uncollectible Required: Prepare journal entries to record Liang's Yeart and You 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 vour answers in the tabs below. 10 View transaction list Journal entry worksheet 1 points eBook In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible. Print References Note: Enter debits before credits. Transaction General Journal Debit Credit d Bad debts expense Allowance for doubtful accounts Record entry Clear entry View general Journal