Problem $7-4$A $($Apg$)$ A ccounts recelvable transactions and bad debts adjustments LO C$7,$ P$2,$ P$3$

Llang Company began operations in Year $1.$ Duing its first two years, the company completed a number of transactions Trwoiving sales on credt, accounts reoelvable collections, and bad debts. These transactions are summarzed as follows.

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a$.$ Sold $$1,353,200$ of merchandlse on credit $($that had cost $$981700,$ terms na$0.$

b$.$ Whate of $$20300$ of uncolectible accounts necevable.

c$.$ Recelved $$675,000$ cash in payment of accounts recevable.

d$.$ In adjusting the accounts on December $31,$ the company estimated that $2\mathrm{.}30\%$ of accounts recelvable would be uncollectbie.

ker$2$

e$.$ Sold $$1,543,500$ of merchandise $($that had cost $$1,329,300$ j on credt, terms $n50.$

$7.$ Whote of $$27500$ of uncollectible accounts recelvable.

$9.$ Recelved $$1279,000$ cash in payment of accounts recelwable. h$.$ In adjusting th uncollectible.

Required:

Prepare journal entrles to record Llang's Year $1$ and Year $2$ summarized transactons and its year$-$end aq$,$ ustnents to record bad debts expense. $($The company uses the perpetual inwentory system, and it appiles the allowance method for its accounts recelvable$)$

Noter Round your intermedlate caiculations to the nearest dollain

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Journal$],[$Entry$]],\backslash$table$[[$Journal$],[$Entry$]]]]$

Prepare journal entries to record Liang's Vear $1$ summarized transactions and its yearend adjustments to record bad debts expense. $($The compam uses the perpetual inventory system, and it applies the allowance method for its sccounts recelvable$)$

Vew transaction list

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Journal entry worksheet

Sold $$1,353,200$ of merchandise on credit, terms $\frac{n}{30}.$

Note: Enter debits before credits.

$\backslash$table$[[$Transedion$,$General Journal,Debit,Credit,$],[$a$(1),$Acoounis receivable,$1,353,200,,],[,$Sales,,$1,353,200,],[,,,,],[,,,,],[,,,,],[,,,,]]$