Peru Industries began operations on January $1,2023.$ During the next two years, the compaCy completed a number of transactions involving credit sales, accounts receivable collections, and bad debts $($assume a perpetual inventory system$).$ These transactions are summarized as follows:

$2023$

a$.$ Sold merchandise on credit for $$2,260,000,$ terms $\frac{n}{30}($COGS $=$$$1,246,000.$

b$.$ Wrote off uncollectible accounts receivable in the amount of $$34,200.$

c$.$ Received cash of $$1,338,000$ in payment of outstanding accounts receivable.

d$.$ In adjusting the accounts on December $31,$ concluded that $1\mathrm{.}5\%$ of the outstanding accounts receivable would become uncollectible

$2024$

e$.$ Sold merchandise on credit for $$2,954,000,$ terms $\frac{n}{30}($COGS $=$$$1,601,000.$

f$.$ Wrote off uncollectible accounts receivable in the amount of $$53,300.$

g$.$ Received cash of $$2,222,000$ in payment of outstanding accounts receivable.

$h.$ In adjusting the accounts on December $31,$ concluded that $1\mathrm{.}5\%$ of the outstanding accounts receivable would become uncollectibl

Company uses the allowance method to account for uncollectible.

Required:

Prepare journal entries to record Peru's $2023$ and $2024$ summarized transactions and the adjusting entries to record bad debt expense at the end of each year. $($Round your intermediate calculations and final answers to nearest whole dollar.$)$

$2023$

Journal entry worksheet

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