Problem 9-4A Accounts receivable transactions and bad datas ajustments Lo C1,22,23 Ling Company begeerts in Year 1 During is first two years, the company completed a numberdactions involving sees on credit accounts receive collections, and bodies. The transactions we served as follows Year 1 . Sold S12A7700 d merchandise that had cost $879.500) on credit, terms 1/30 b. Wrote off $19.200 of uncollectible counts receivable c. Received 5671,300 cash in peyment of accounts receiveble. d. In adjusting the accounts on December 31, the company estimated thet 3.00% of accounts receiveble would be uncollectible Year 2 e. Sold $1.542,300 of merchandise (that had cost $1.326,600) on credit, terms 1/30. Wrote off $32,300 of uncollectible accounts receivable. 9. Received $1.303,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and 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.) (Round your intermediate calculations to the nearest dollar.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang'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.) Problem 9-4A Accounts receivable transactions and bad datas ajustments Lo C1,22,23 Ling Company begeerts in Year 1 During is first two years, the company completed a numberdactions involving sees on credit accounts receive collections, and bodies. The transactions we served as follows Year 1 . Sold S12A7700 d merchandise that had cost $879.500) on credit, terms 1/30 b. Wrote off $19.200 of uncollectible counts receivable c. Received 5671,300 cash in peyment of accounts receiveble. d. In adjusting the accounts on December 31, the company estimated thet 3.00% of accounts receiveble would be uncollectible Year 2 e. Sold $1.542,300 of merchandise (that had cost $1.326,600) on credit, terms 1/30. Wrote off $32,300 of uncollectible accounts receivable. 9. Received $1.303,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and 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.) (Round your intermediate calculations to the nearest dollar.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang'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.)
