Gaga 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 $1,353,400 of merchandise on credit (that had cost $979,900 ), terms n/30. b. Wrote off $20,100 of uncollectible accounts receivable. c. Received $670,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31 , the company estimated that 110% of accounts receivable would be uncollectible. Year 2 e. Sold $1,583,100 of merchandise (that had cost $1,278,700 ) on credit, terms n/30. f. Wrote off $32,800 of uncollectible accounts receivable. 9. Recelved $1,285,800 cash in payment of accounts recelvable. h. In adjusting the accounts on December 31 , the company estimated that 110% of accounts receivable would be uncollectible. Required: Prepare joumal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (Note: 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. Prepare journal entries to record Liang'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 ailowance method for its accounts recelvable.) Journal entry worksheet 5 Sold $1,353,400 of merchandise on credit, terms n/30. Note: Enter debits before credits. Journal entry worksheet 5 Prepare joumal entries to record Liang's Year I summarized transactions and its year-end adjustments (The company uses the perpetual inventory system, and it applies the allowance method for its accounts Journal entry worksheet 5 Wrote off $20,100 of uncollectible accounts receivable. Note: Enter debits before credits. Journal entry worksheet Received $670,300 cash in payment of accounts receivable. Note: Enter debits before credits. Journal entry worksheet In adjusting the accounts on December 31 , the company estimated that 1.10% of accounts receivable would be uncollectible. Note: Enter debits before credits. Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustm (The company uses the perpetual inventory system, and it applies the allowance method for its ac Journal entry worksheet 5 Sold $1,583,100 of merchandise on credit, terms n/30. Note: Enter debits before credits. Prepare journal entries to record Lang's Year 2 summarized transactions and its year-end adjustments to (The company uses the perpetual inventory system, and it applies the allowance method for its accounts Journal entry worksheet 5 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to (The company uses the perpetual inventory system, and it applies the allowance method for its accounts Journal entry worksheet Wrote off $32,800 of uncollectible accounts receivable. Note: Enter debits before credits: Prepare joumal entries to record Lang's Year 2 summarized transactions and its year-end adjustments to rec (The company uses the perpetual inventory system, and it applies the allowance method for its accounts reci Journal entry worksheet Received $1,285,800 cash in payment of accounts receivable. Note: Enter debits before credits. Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to rec (The company uses the perpetual inventory system, and it applies the allowance method for its accounts reo Journal entry worksheet In adjusting the accounts on December 31 , the company estimated that 1.10% of accounts receivable would be uncollectible. Note: Enter debits before credits
