Peru Industries began operations on January 1, 2020 During the next two years, the company 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: 2020 a. Sold merchandise on credit for $2,330,000, terms n/30 (COGS = $1,288,000) b. Wrote off uncollectible accounts receivable in the amount of $35,600 c. Received cash of $1,394,000 in payment of outstanding accounts receivable. d. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible ok 2021 + ices e. Sold merchandise on credit for $3,052,000, terms n/30 (COGS = $1,664,000) f. Wrote off uncollectible accounts receivable in the amount of $55,400 g. Received cash of $2,306,000 in payment of outstanding accounts receivable. h. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible Company uses the allowance method to account for uncollectible Required: Prepare journal entries to record Peru's 2020 and 2021 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.) 2020 Journal entry worksheet 1 2 3 4 5 > Record the sales. Note: Enter debits before credits. Transaction General Journal Debit Credit a-1 Record entry Clear entry View general journal Journal entry worksheet Record cost of sales. Note: Enter debits before credits. Transaction General Journal Debit Credit a-2 Record entry Clear entry View general journal Journal entry worksheet 1 2 4 5 > Record written off uncollectible accounts. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 > Record collections from credit customers. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit d Record entry Clear entry View general journal