Please help with year 2 transactions and the last one on year one
Prepare journal entries to record Llang's Year 1 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applles the allowance method for its accounts receivable.) Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet In adjusting the accounts on December 31 , the company estimated that 2.20% of accounts receivable would be uncollectible. Note: Enter debits before credits. Journal entry worksheet 5 Record cost of goods sold, $1,264,300. Note: Enter debits before credits. 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.) Journal entry worksheet Received $1,397,700 cash in payment of accounts receivable. Note; Enter debits before credits 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 recelivable.) Journal entry worksheet 5 Wrote off $33,400 of uncoliectible accounts receivable. Note: Enter debits before credits. 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.) Journal entry worksheet 5 Sold $1,545,700 of merchandise on credit, terms N/30. Note: Enter debits before credits. Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts recelvable collections, and bad debts. These trensactions are summarized as follows Year 1 a. Sold $1,348,100 of merchandise on credit (that had cost $984,900 ), terms n/30. b. Wrote off $19,800 of uncollectible accounts recelvable. c. Recelved $674,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31 , the company estimated that 2.20% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,545,700 of merchandise (that had cost $1,264,300 ) on credit, terms n/30. f. Wrote off $33,400 of uncollectible accounts receivable. g. Recelved $1,397,700 cash in payment of accounts recelvable, h. In adfusting the accounts on December 31 , the company estimated that 2.20% of accounts recelvable would be uncollectible. 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 opplies the allowance method for its occounts receivabie) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. Prepare foumal entries to record Uang's Year 1 summarized transactions and its yearend adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.)
