Wk 3 Chap 7 Assignment Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 6 Year 2 e. Sold $1,525,634 of merchandise on credit (that had cost $1,250,000), terms n/30. f. Wrote off $27,800 of uncollectible accounts receivable. g. Received $1,204,600 cash in payment of accounts receivable. points h. In adjusting the accounts on December 31, the company estimated that 1.5% 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.) Mc Graw Hill Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 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.) No 1 Transaction a(1) General Journal Accounts receivable Sales 2 a(2) Cost of goods sold Merchandise inventory 3 b. Allowance for doubtful accounts Accounts receivable Debit 1,345,4341 Credit 1,345,434 975,000 975,000 18,300 18,300 < Prev 6 of 10 Next > Help Save & Exit Submit Return to question