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10 4 points Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,347,000 of merchandise on credit (that had cost $980,300). terms n/30. b. Wrote off $20,200 of uncollectible accounts recnivable. c. Received $674,100 cash in payment of account eceivable. d. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. Bock Year 2 Print e. Sold $1.544,600 of merchandise (that had cost $1,311,800) on credit, terms /30. f. Wrote off $26,800 of uncollectible accounts receivable. g. Received $1,122,600 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. References Required: Prepare Journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) View transaction liat View journal entry worksheet Mumpun LJ IC perpetual Ventury system, and it applies the allowance method for its accounts receivable. View transaction list View journal entry worksheet No Transaction Gene. Journal Debit Credit 1 a(1) Accounts receivable Sales 1,347,000 1,347,000 N a(2) Cost of goods sold Merchandise inventory 980,300 980,300 3 b. 20,200 Allowance for doubtful accounts Accounts receivable 20,200 4 C. 674,100 Cash Accounts receivable 674,100 5 d. Bad debts expense 31,949 Allowance for doubtful accounts 31,949 JE Your JE Year 2 > JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) No Generalurnal Credit Transaction e(1) Debit 1,544,600 1 Accounts receivable Sales 1,546,000 2 (2) 1,311,800 Cost of goods sold Merchandise inventory . 1,311,000 3 1. 20,000 Allowance for doubtful accounts Accounts receivable 28.800 G 1,122,600 4 9 Cash Accounts receivable 0 0 1,122,600 13,7133 5 h. Bad debts expense Allowance for doubtful accounts oo 13,713
