iang Company began operations in Year $1.$ During its first two years, the company completed a number of transaction on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.

Year $1$

a$.$ Sold $$1,352,900$ of merchandise on credit $($that had cost $$982,200),$ terms $\frac{n}{30}.$

b$.$ Wrote off $$21,900$ of uncollectible accounts receivable.

c$.$ Received $$674,200$ cash in payment of accounts receivable.

d$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}10\%$ of accounts receivable would be unco

Year $2$

e$.$ Sold $$1,514,100$ of merchandise $($that had cost $$1,319,400)$ on credit, terms $\frac{n}{30}.$

f$.$ Wrote off $$30,400$ of uncollectible accounts receivable.

g$.$ Received $$1,359,600$ cash in payment of accounts receivable.

h$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}10\%$ of accounts receivable would be uncol

Required:

Prepare journal entries to record Liang's Year $1$ and Year $2$ summarized transactions and its year$-$end adjustments to rec expense. $($The company uses the perpetual inventory system, and it applies the allowance method for its accounts recei Note: Round your intermediate calculations to the nearest dollar.

Complete this question by entering your answers in the tabs below.

Journal Entry

Journal Entry

Year $1$

Year $2$

Prepare journal entries to record Liang's Year $1$ summarized transactions and its year$-$end adjustments to record bad debts ex $($The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.$)$

Prev

$25$ of $25$

Next