Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Llang Company began operations on January 1, 2017. 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. 2017 a. Sold $1,351.700 of merchandise (that had cost $976,500) on credit, terms n/30. b. Wrote off $19,100 of uncollectible accounts receivable c. Received $665,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.90% of accounts receivable will be uncollectible. 2018 e. Sold $1,599 500 of merchandise on credit (that had cost $1,322,900), terms n/30 f. Wrote off $32.500 of uncollectible accounts receivable g. Received $1,371,600 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 1.90% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Llang's 2017 and 2018 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 amount.) Complete this question by entering your answers in the tabs below. 2011 JL 2013 Prepare journal entries to record Liang's 2017 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 Journal entry worksheet Sald $1,351,700 of merchandise on credit, terms n/30. Nuleiul lui Transaction Credit General Journal Accounts receivable Debit 1,351,700 1.351.700 Record entry Clear entry Vien general journal Complete this question by entering your answers in the tabs below. JE 2017 JE 2018 Prepare journal entries to record Liang's 2017 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 Journal entry worksheet Record cost of goods sold, $976,500. Note: Enter debits before credits. Credit Transaction a(2) General Journal Cost of good sold Merchandise inventory Debit 976,500 976,500 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. 2017 DE 2018 Prepare journal envies Lo record Liang's 2017 sureticed reactions and is year-end wujusmens record Lad dels expertise (The company uses the perpetual ventory system and it applies the allowance thethod for its a punts receivable) View transaction list Journal entry worksheet Kom : 0 Wrote off $19,100 of uncollectible accounts receivable. Note: Enter debits before credits Transaction Credit General Journal Allowance or doubthal accounts Accounts recevable Debit 15100 Racord entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. JE 2017 JE 2016 Prepare journal entries to record Lang's 2017 summarized transactions and its year-end adjustments to record bad debts expense. (The Company uses the perpetual inventory system and applies the allowance method for its u nits receivable.) View transaction ist Journal entry worksheet Received $665,200 cash in payment of accounts receivable. Nota: Enter debit before credits Transaction Credit General Journal Cash M ounts receivable Debit 885.2001 885 200 Racord entry Clear entry View general journal Complete this question by entering your answers in the tabs below. E 2017 JE 2018 Prepare journal entries to record Liang's 2017 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 Journal entry worksheet