Return to 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 $2,270,000, terms 1/30 (COGS - $1,252,000). b. Wrote off uncollectible accounts receivable in the amount of $34,400. c. Received cash of $1,346,000 in payment of outstanding accounts receivable. d. In adjusting the accounts on December 31, concluded that of the outstanding accounts receivable would become uncollectible. 2021 e. Sold merchandise on credit for $2.968,000, terms 1/30 (COGS = $1,610,000). f. Wrote off uncollectible accounts receivable in the amount of $53,600. 9. Received cash of $2.234,000 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, Required: Prepare journal entries to record Peru's 2020 and 2021 summarized transactions and the adjusting entries to record bad debt expense at the end of each year . (Round your intermediate calculations and final answers to nearest whole dollar) 2020 Answer is complete and correct. No Transaction General Journal Credit Debit 2,270,000 1 Accounts receivable Sales 2,270.000 Answer is complete and correct. No Transaction General Journal 1 8-1 Credit Accounts receivable Sales Debit 2,270.000 2,270,000 2 a-2 Cost of goods sold Merchandise inventory 1,252,000 1,252,000 3 b Allowance for doubtful accounts Accounts receivable 34,400 34,400 4 Cash Accounts receivable 1,346,000 1,346,000 5 d Bad debt expense Allowance for doubtful accounts Olo 47,744 47,744 2021 Answer is complete but not entirely correct. NA Truentin General Inmal Dahls Orart 2021 Answer is complete but not entirely correct. No Transaction 0-1 General Journal 1 Credit Accounts receivable Sales Dobit 2.968,000 2,968,000 2 0-2 Cost of goods sold Merchandise Inventory DO 1,610,000 1,610,000 3 1 Allowance for doubtful accounts Accounts receivable 53,600 53,600 9 Cash Accounts receivable 2,234,000 2,234,000 5 h Bad debt expense Allowance for doubtful accounts 29,406 29,406 %