Liang Company began operations on January 1, 2017. 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. 2017 a. Sold $1,347,500 of merchandise (that had cost $980 200) on credit terms n/30. b. Wrote off $19,300 of uncollectible accounts receivable. c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 250% of accounts receivable will be uncollectible, 2018 e. Sold $1.529.900 of merchandise on credit that had cost $1,310.700). terms n 30. 1. Wrote off $30.800 of uncollectible accounts receivable g. Received $1,131,600 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 2.50% of accoun receivable will be uncollectible Required: Prepare journal entries to record Liang's 2017 and 2018 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 amount.) Complete this question by entering your answers in the tabs below. Saved JE 2017 Help Save & JE 2018 Prepare journal entries to record Lang's 2017 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.) View transaction list Journal entry worksheet 1 2 3 4 5 > Sold $1,347,500 of merchandise on credit, terms n/30. Note Enter debits before credits Transaction General Journal Debit Credit Saved Help Save & EX JE 2017 JE 2018 Prepare journal entries to record Liang's 2017 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Record cost of goods sold, 5980,200. Note: Enter debits before credits General Journal Debit Credit Transaction a(2) Saved JE 2017 JE 2018 Help Save & Prepare journal entries to record Liang's 2017 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.) View transaction list St19 Journal entry worksheet
