You skipped this question in the previous attempt Check my work 21 Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows SO points Year 1 B a. Sold $1,352,300 of merchandise on credit (that had cost $984,900), terms 1/30, b. Wrote off $20,600 of uncollectible accounts receivable. c. Received $673,800 cash in payment of accounts receivable, d. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. References Year 2 Sold $1,525,200 of merchandise that had cost $1,301,600) on credit, terms 30. f. Wrote off $31,500 of uncollectible accounts receivable. 9. Received $1,331,300 cash in payment of accounts receivable, h. In adjusting the accounts on December 31, the company estimated that 180% 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.) Chec 21 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.) Sint Complete this question by entering your answers in the tabs below. JE Year! JE Year 2 Heleron Prepare journal entries to record Lang 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) View transaction list Journal entry worksheet > 11 2 3 4 5 Sold $1,352,300 of merchandise on credit, terms 1/30. NI Proy 21 of 29 Next > View transaction list Journal entry worksheet 1 2 3 4 5 > Sold $1,352,300 of merchandise on credit, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal Noyt M Question 2 -CHE Ch 07 Recelvables Homework Sard You skipped this question in the previous attempt 21 View transaction list Journal entry worksheet 10 points eBook Record cost of goods sold, $984,900. References Note: Enter debits before credits General Journal Debit Gredit Transaction a(2) Record entry Clear entry View general journal Drow 21 of 29 Next > You skipped this question in the previous attempt. 21 View transaction list Journal entry worksheet 10 points Saved 0 You skipped this question in the previous attempt. 21 View transaction list Journal entry worksheet 10 points Ch 07 Receivables Homework Saved You skipped this question in the previous attempt. 21 View transaction list Journal entry worksheet 10 points 1 2 3 4 5 eBook In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. References Nota: Enter debits before credits. Transaction General Journal Debit Credit d Record entry Clear entry View general journal Mc Drey 21 of 29 Next