Llang Company began opecations in Year 1. During its first two years, the company completed a number of trankactions involving sales. on credit, accocints receivable collections, and bad debts. These transactions are summarized as follows. Year 1 e. Sold $1,348,200 of merchandise on credit fthat had cost $984.2002 terms n/30 b. Whote of $21800 of uncollectible accounts recelvabie. c. Recelved $568500 cash in payment of accounts recelvable. d, In adfusting the accounts on December 31 , the compamy estimated that, 280,0% of accounts receivable would be uncollectible Yeor 2 e. Sold $1566,900 of merchandise that had cost $1,348,700% on credit, terms n/30. 1. Whote off $33,900 of uncoliectible accounts tecelvatie. g. Recelved $1,170000 cash in poyment of accouris recelvable. h. In adjusting the accounts on December 31 , the campany estimated that 280% of accounts receivable would be uncolkectible Required: Prepare joumal entries to record thang's Year 1 and Year 2 summarized transactons and its yedr-end adjustments to record bad debts expense. (The company uses the perpetual inwentory system, and it apples the allowandi-method for ifs acceunis recelvable) Note: Round your intermediste colculations to the neorest dollnc. Complete this question by entering vour answers in the tabs below. Prepare journal entries to record Llang's Year 1 summarized transactions and its year-end adjustments to record (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivat 1 Sold $1,348,200 of merchandise on credit, terms n/30. 2. Record cost of goods sold, $984,200. 3 Wrote off $21,800 of uncollectible accounts receivable. 4. Received $668,500 cash in payment of accounts recelvable: 5 In adjusting the accounts on December 31 , the company estimated that 2.80% of accounts recelvable would be uncollectible. Prepare journal entries to record Liang's Year 1 summarized transactions and its year-efid adjustments to record ba (The company uses the perpetual inventory system, and it applies the ailowance method for its accounts receivable Journal entry worksheet 5 Sold $1,348,200 of merchandise on credit, terms n/30. Note: tinter debits before credits. Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments (The company uses the perpetual inventory system, and it applies the allowance method for its accoun 1 Sold $1,566,900 of merchandise on credit, terms n/30. 2 Record cost of goods sold, $1,348,700. 3 Wrote off $33,900 of uncollectible accounts receivable. 4 Received $1,170,000 cash in payment of accounts receivable. 5 In adjusting the accounts on December 31 , the company estimated that 2.80% of accounts recelvable would be uncollectible. Note : - journal entry has been entered Journal entry worksheet 2 4 5 Sold $1,566,900 of merchandise on credit, terms n/30. Note: Enter debits before credits
