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help with part d and h a. Sold $1,348,400 of merchandise on credit (that had cost $977,200 ), terms n/30. b. Wrote off $18,800 of
help with part d and h
a. Sold $1,348,400 of merchandise on credit (that had cost $977,200 ), terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Recelved $670,300 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 170% of accounts receivable would be uncollectible. Year 2 e. Sold $1,541,700 of merchandise (that had cost $1,335,100 ) on credit, terms n/30. f. Wrote off $30,300 of uncollectible accounts recelvable. 9. Recelved $1,175,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 170% 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 deb expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet In adjusting the accounts on December 31, the company estimated that 1.70% of accounts recelvable would be uncollectible. a. Sold $1,348,400 of merchandise on credit (that had cost $977,200 ), terms n/30. b. Wrote off $18,800 of uncollectible accounts recelvable. c. Received $670,300 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 1.70% of accounts receivable would be uncollectible. Year 2 e. Sold $1,541,700 of merchandise (that had cost $1,335,100 ) on credit, terms n/30. f. Wrote off $30,300 of uncollectible accounts receivable. g. Received $1,175,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 1.70% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Yeat 1 and Year 2 summarized transactions and its year-end adjustments to record bad deb expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. Prepare journat entries to recond Llang's Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory systern, and it applies the allowance method for its accounts receivable.) Journal entry worksheet In adjusting the accounts on December 31, the company estimated that 1.70% of accounts receivable would be uncollectible. Note: finter debits before credica Step by Step Solution
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