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 $2,320,000, terms n/30 (COGS = $1,282,000). b. Wrote off uncollectible accounts receivable in the amount of $35,400. c. Received cash of $1,386,000 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 uncollectibl. 2021 e. Sold merchandise on credit for $3,038,000, terms n/30 (COGS = $1,655,000). f. Wrote off uncollectible accounts receivable in the amount of $55,100. . Received cash of $2,294,000 in payment of outstanding accounts receivable. 7. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectibl ompany uses the allowance method to account for uncollectible. ho equired: epare journal entries to record Peru's 2020 and 2021 summarized transactions and the adjusting entries to record bad debt Kpense at the end of each year. (Round your intermediate calculations and final answers to nearest whole dollar.) 20 Journal entry worksheet 2 3 4 5 Record the sales. Note: Enter debits before credits. Transaction General Journal Debit a-1 Journal entry worksheet 1 3 4 5 Record cost of sales. Note: Enter debits before credits. Transaction General Journal Debit Credit a-2 Journal entry worksheet 1 2. 3 4 5 Record written off uncollectible accounts. Note: Enter debits before credits. Iransaction General Journal Debit Credit b Journal entry worksheet 1 2 3 5 Record collections from credit customers. Note: Enter debits before credits. Transaction General Journal Debit Cre Journal entry worksheet 1 2 3 4 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction General Journal Debit d Journal entry worksheet 1 2. 3 4 en Record the sales. Note: Enter debits before credits. Transaction General Journal Debit e-1 1 3 4 5 VE) Record cost of sales. Note: Enter debits before credits. Transaction General Journal Debit Credit e-2 1 2 4 5 Record written off uncollectible accounts. Note: Enter debits before credits. Transaction Credit Debit General Journal Journal entry worksheet 1 2 3 4 5 Record collections from credit customers. Note: Enter debits before credits. Transaction General Journal Debit Credit g 2 3 4 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction General Joumal Debit Credit h