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please help with letter d and h Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations
please help with letter d and h
Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 $1,351,000 of merchandise (that had cost $983,100) on credit, terms n/30. b. Wrote off $19,400 of uncollectible accounts receivable. c. Received $667,600 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible Year 2 5 e. Sold $1583,500 of merchandise (that had cost $1,284,100) on credit, terms n/30 1. Wrote off $29,100 of uncollectible accounts receivable. g. Received $1,190,700 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Llang'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 De Year 2 Prepare journal entries to record Lang'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.) View transaction list View Journal entry worksheet No Transaction General Journal Credit Debit On .:/ Step by Step Solution
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