Problem 9.4A (Static) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liong Company began operations in Year 1 . During its first two years, the company completed a number of transactions involving sales on credit, accounts recelvable collections, and bad debts. These tronsactions are summarized as follows. Year 1 a. Sold $1,345,434 of merchandise on credit (that had cost $975,000), terms n/30. b. Wrote off $18,300 of uncollectible accounts recelvable. c. Recelved $669.200 cash in poyment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 1.5% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,525,634 of merchandise on credit that had cost $1,250,000 ), terms n/30. t. 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 recelvable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transoctions 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. 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 25 Sold $1,525,634 of merchandise on cretit, terms n/30. Note: Enter debits before credits. 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 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 Wrote off $27,800 of uncollectible accounts receivable. Motet Enter debits before credits. Prepare journal entries to record Liang's Year 2 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 1 Received $1,204,600 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 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 In adjusting the accounts on December 31, the company estimated that 1.5\% of accounts receivable would be uncollectible. Notet Enter debits before credis
