Lieng Company began operations in Year 1 Duning its first two years, the company completed a number of transactions involving sales or credit, accounts receivable collections, and bad debts. These transactions are summarized as tollows. . Sulu 51310,000 of recorder (that had cost $977,9001 or credil, le 1/50 b. Winte off $19.DOC of uncollectible accounts receivable c. Received $662,900 cash in payment of accounts receivable. d. In edustry the counts on December 31. the company estimated that 2405 of ecouris recevable would be uncollectible Year 2 e. Sold S1,522.900 of merchandise that had cost $1.298,300) on credit terms n 30. f. Wrote of $31.400 of uncollectible accounts recewable. 9. Recehed $1107900 cash in pyment of accounts receivable h. In adjusting the accounts on December 31. the company estimated that 240% of accounts receivable would be uncollectible. Required: Prepere jourral entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense lhe company uses the peractual inventory system and it applies the allowance method for its accounts receivable. Round your intermediate calculations to the nearest dollar.) Campll this question by Maluriny your answers in the labellow. JE Year JE Year 2 Prepare journal entries to record ang's Year surmarized transactions and its year and adjustments to record bad debts expede. (The company uses the popetul mentory system and it solics the lowance method to its accounts receivable) View transaction lit Journal entry worksheet Journal entry worksheet 1 2 3 1 Journal entry worksheet Sold $1.343,000 of merchandise on crocit, soms /20. HAE: aache soll, 5977,400. Wrote of $19.000 of uncalechble accounts receivable Re: Frite dhe arredi. Re: blad.bila bid Note: Era berert. Ghul Jurnal Debit Cudi Turuction 1) Iransaction General Journal Debit Credit General Joumal Deble Credit Transaction h Recordantry Char entry Vw general journal Rantry Clar entry Veneralme Rccord entry Clear entry View general Journal Journal entry worksheet Journal entry worksheet Received Set7,900 cash in payment of accounts receivable In adjusting the accounts on December 31, the company stimated that 2.0% of secounts receivable would be uncolecbbc. Noterar det before credo Note Entebreces Tractice Calmal Phil Candie Ganemullum Debit Traction d Hartley deurry View Hardly mely View All