ecember 31, 2017, adjusting entry b estimated to be 3% of outstanding receivables accounts are u to estimate bad debts assuming that uncollectible 6. Show how ccounts receivable will appear on the Decemt ll bad debt expense b receivable at will bad debt expense be on the in e on the income statement for the year ended Decem ng accounts receivable transactions and bad debt adjustments Problem 8-5A Recordi LO1.2,3 CHECK FiGURES: d. Bad Debt Expense $47.290; h. Bad Debt Expense $63,155 Peru Industries began operations on January 1,2017. During the next two years. th a number of transactions involving credit sales, accounts receivable collections, an a perpetual inventory system). These transactions are summarized as follows 2017 bad debts (assume a. Sold merchandise on credit for $2,250,000, terms n/30 (COGS b. Wrote off uncollectible accounts receivable in the amoun c. Received cash of $1,330,000 in payment of outstanding accou d. In adjusting the accounts on December 31, concluded that 1.5 % o f the outstanding accounts receivable would become uncollectible. e. Sold merchandise on credit for $2,940,000, terms n/30 (COGS 1,592 f. Wrote off uncollectible accounts receivable in the amount o g. Received cash of $2,210,000 in payment of outstanding accounts receiv h. In adjusting the accounts on December 31, concluded that 15% of the outstanding accounts f $53,000. Required Prepare journal entries to record Peru's 2017 and 2018 summarized transactions and the adju ing entries to record bad debt expense at the end of each year. roblem 8-6A Uncollectible accounts L02,3 receivable would become uncollectible