Problem 8-6A Recording accounts receivable transactions and bad debt adjustments LO1, 2, 3 Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions Involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows: 2020 a. Sold merchandise on credit for $2,240,000, terms n/30 (COGS = $1,239,000). b. Wrote off uncollectible accounts receivable in the amount of $34,300. c. Received cash of $1,343,000 in payment of outstanding accounts receivable. d. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible 2021 e. Sold merchandise on credit for $2.935,000, terms n/30 (COGS = $1,603,000). f. Wrote off uncollectible accounts receivable in the amount of $53,300. g. Received cash of $2,221,000 in payment of outstanding accounts receivable. h. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible Company uses the allowance method to account for uncollectible.