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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
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 a. Sold $1,348,300 of merchandise on credit (that had cost $980,100), terms /30. b. Wrote off $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 $1,571,900 of merchandise (that had cost $1,307,700) on credit, terms /30. f. Wrote off $33,100 of uncollectible accounts receivable. 9. Received $1177,000 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) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Llang's Year 2 summarized transactions and its year-end adjustmer The company uses the perpetual inventory system, and it applies the allowance method for its acco View transaction list Journal entry worksheet Sold $1,571,900 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction e(1) General Journal Debit Credit Record entry Clear entry View general journal 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 2 summarized transactions and its year-end adjust (The company uses the perpetual Inventory system, and it applies the allowance method for its a View transaction list Journal entry worksheet Wrote off $33,100 of uncollectible accounts receivable. Note: Enter debits before credits Transaction General Journal f. Debit Credit Record entry Clear entry View general journal JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjus The company uses the perpetual inventory system, and it applies the allowance method for its View transaction list Journal entry worksheet Received $1,177,000 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit g 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 h Record entry Clear entry View general journal
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