Liang Company 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 2. Sold $1.348,300 of merchandise on credit (that had cost $980,100), terms 1/30 b. Wrote of $20,000 of uncollectible accounts receivable c. Received $668.400 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.70% of accounts receivable would be uncollectible, Year 2 e sold $1571900 of merchandise that had cost $1307700) on credit, terms 1/30 t. Wrote off $33,100 of uncollectible accounts receivable. 9. Received $477000 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 Year 1 and Year 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.) Prepare journal entries to record Liang's Year 1 summarized transactions and its ye (The company uses the perpetual inventory system, and it applies the allowance me View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,348,300 of merchandise on credit, terms n/30. Note: Enter debits before credits Transaction a(1) General Journal Debit Credit Record entry Clear entry View general journal JE Year 2 > JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adju The company uses the perpetual inventory system, and it applies the allowance method for its View transaction list Journal entry worksheet Record cost of goods sold, $980,100. Note: Enter debits before credits Transaction a(2) General Journal Debit Credit Record entry Clear entry View general journal JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adju (The company uses the perpetual Inventory system, and it applies the allowance method for it View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjusta (The company uses the perpetual inventory system, and it applies the allowance method for its ac View transaction list Journal entry worksheet Received $668,400 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal In adjusting the accounts on December 31, the company estimated that 1.70% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
