Problem 7-2A

	2012	Account Titles	Debit	Credit
	a.
	b.
	c.
	d.
	2013
	e.
	f.
	g.
	h.

Please help

Liang Company began operations on January 1, 2012. 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: Problem 7-2A Accounts receivable transactions and bad debts adjustments C1 P2 2012 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable check d Dr Bad Debts Expense will be uncollectible. $28,169 2013 e. Sold S1,525,634 of merchandise (that had cost $1,250,000) on credit, terms n/30. f. Wrote off $27,800 of uncollectible accounts receivable. g. Received $1,204,600 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable (h) Dr. Bad Debts Expense will be uncollectible. $32,199 Required Prepare journal entries to record Liang's 2012 and 2013 summarized transactions and its year-end adjust- ments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable. Round amounts to the nearest dollar.)