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 $1,349,000 of merchandise on credit (that had cost $977,900 ), terms n/30. b. Wrote otf $19,300 of uncollectible accounts recelvable. c. Recelved $667,100 cash in payment of accounts receivable. d. In adjusting the accounts on December 31 , the company estimated that 1.50% of accounts receivable would be uncollectible. Year 2 e. Sold $1,535,900 of merchandise (that had cost $1,303,100 ) on credit, terms n/30. f. Wrote off $31,300 of uncollectible accounts recelvable. 9. Recelved $1,391,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 1.50% 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 recelvable.) (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 recelvable.) Prepare journal entries to record Llang'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 2.45 Sold $1,349,000 of merchandise on credit, terms n/30. Note: Enter debits before oredits. Journal entry worksheet 4 5 Prepare foumal 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 allowance method for its accounts receivable.) Journal entry worksheet 5 Wrote off $19,300 of uncollectible accounts receivable. Notet Enfer debits before credts. 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 recelvable.) Journal entry worksheet 5 Received $667,100 cash in payment of accounts receivable. Note: Enter debits before credits 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 recelvable.) Journal entry worksheet In adjusting the accounts on December 31 , the company estimated that 1.50% 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 adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts recelvable.) Journal entry worksheet 2.345 Sold $1,535,900 of merchandise on credit, terms N/30. Noce: Enter debits before credth. Prepare journal entries to record Liang's 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.) Journal entry worksheet 5 Record cost of goods sold, $1,303,100. Note: Enter debits before credits. Prepare journal entries to record Lang's 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.) Journal entry worksheet 1 Wrote off $31,300 of uncollectible accounts receivable. fotip: Enter debils befoce credits. Prepare journal entries to record Liang's 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 recelvable.) Journal entry worksheet 5 Recelved $1,391,800 cash in payment of accounts receivable. Wote. Enter debuts before crealts: Prepare joumal entries to record Liang's 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.) Journal entry worksheet
