Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During ins first two years, the company completed a number of transactions inwolving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,351,700 of merchandise on credit (that had cost $975,900), terms n/30 b. Wrote olf $21,500 of uncollectible accounts receivable. c. Received $668.400 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 2.50k of accounts receivable would be uncollectible Year 2 e. Sold $1,515,700 of merchandise (that had cost $1,258,100 ) on credit, terms n/30 f. Wrote off $30,300 of uncollectible eccounts receivable. 9. Received $1,245,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 250% of accounts receivable would be uncollectible Required: Prepare joumal entries to record Liang's Yeor 1 and Year 2 summarized transoctions and its year-end adjustments to record bad debts expense. (The compary uses the perpetual inventory sysiem, and it applies the allowance method for its accounts receivable) (Round your intermediote calculotions to the nearest dolloc) Complete this question ty entering your answers in the tabs below. Prepare foumal entries to record tiang's Yest 1 summanized tancactions and ias year end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies thi allowance method tor its accounts recolvable.) Prepare joumal entries to record Uang's Year 1 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 45 Sold 51,351,700 of merchandise on credit, terms n/30. Wholed Lnter debis before cretits. Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad debts expen (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Journal entry worksheet 5 Record cost of goods sold, $975,900. Note: Enter debits before credits. Journal entry worksheet 5 Wrote off $21,500 of uncollectible accounts receivable. Note: Enter debits before credits. Prepare joumal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad debts expe (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Journal entry worksheet Received $668,400 cash in payment of accounts recelvable. Note: Enter debuts before credits. Prepare journal entries to record Liang's Year 1 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 1 In adjusting the accounts on December 31 , the company estimated that 2.50% of accounts recelvable would be uncollectible. Fucte: Enter debits before credits. Prepare joumal 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 $1,515,700 of merchandise on credit, terms n/30. Note: Enter debis before credits. Complete this question by entering your answers in the tabs below. 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 5 Record cost of goods sold, $1,258,100. Notei Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare foumal 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 systern, and it applies the allowance method for its accounts receivable.) Journal entry worksheet Wrote off $30,300 of uncollectible accounts receivable. Notei Enter ifbits belore creots. 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 1 Recelved $1,245,800 cash in payment of accounts receivable. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record tiang'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 1 In adjusting the accounts on December 31 , the company estimated that 2.50% of accounts receivable would be uncollectible. Notei Enter debits before credits. Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During ins first two years, the company completed a number of transactions inwolving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,351,700 of merchandise on credit (that had cost $975,900), terms n/30 b. Wrote olf $21,500 of uncollectible accounts receivable. c. Received $668.400 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 2.50k of accounts receivable would be uncollectible Year 2 e. Sold $1,515,700 of merchandise (that had cost $1,258,100 ) on credit, terms n/30 f. Wrote off $30,300 of uncollectible eccounts receivable. 9. Received $1,245,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 250% of accounts receivable would be uncollectible Required: Prepare joumal entries to record Liang's Yeor 1 and Year 2 summarized transoctions and its year-end adjustments to record bad debts expense. (The compary uses the perpetual inventory sysiem, and it applies the allowance method for its accounts receivable) (Round your intermediote calculotions to the nearest dolloc) Complete this question ty entering your answers in the tabs below. Prepare foumal entries to record tiang's Yest 1 summanized tancactions and ias year end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies thi allowance method tor its accounts recolvable.) Prepare joumal entries to record Uang's Year 1 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 45 Sold 51,351,700 of merchandise on credit, terms n/30. Wholed Lnter debis before cretits. Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad debts expen (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Journal entry worksheet 5 Record cost of goods sold, $975,900. Note: Enter debits before credits. Journal entry worksheet 5 Wrote off $21,500 of uncollectible accounts receivable. Note: Enter debits before credits. Prepare joumal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad debts expe (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Journal entry worksheet Received $668,400 cash in payment of accounts recelvable. Note: Enter debuts before credits. Prepare journal entries to record Liang's Year 1 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 1 In adjusting the accounts on December 31 , the company estimated that 2.50% of accounts recelvable would be uncollectible. Fucte: Enter debits before credits. Prepare joumal 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 $1,515,700 of merchandise on credit, terms n/30. Note: Enter debis before credits. Complete this question by entering your answers in the tabs below. 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 5 Record cost of goods sold, $1,258,100. Notei Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare foumal 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 systern, and it applies the allowance method for its accounts receivable.) Journal entry worksheet Wrote off $30,300 of uncollectible accounts receivable. Notei Enter ifbits belore creots. 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 1 Recelved $1,245,800 cash in payment of accounts receivable. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record tiang'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 1 In adjusting the accounts on December 31 , the company estimated that 2.50% of accounts receivable would be uncollectible. Notei Enter debits before credits