Help Save EXIT Sub Check my work 1 Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1. P2, P3 10 DO Liong Company began operations near 1 During its first two years the company completed a number of transactions involving soles on credit accounts recevable collections and bad debts. These transactions are summarized as follows Year! Sold 51348.400 of merchandise on credit hat had cout $9828001 terens 1/30 b. Wrote off $21600 of uncollectible accounts receivable . Received 5667000 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 160% of accounts receivable would ber uncollectible P Dear 2 e. Sold 5t546.800 al merchandise that had cost $1285.900) en credit, terms 11/30 L. Wrote af $30.000 of uncollectible accounts receivable Peceived $1212500 cash in payment of accounts receivable h. In adjusting the accounts on December 31 the company estimated that 160% 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 is accounts receivable (Round your intermediate calculations to the nearest dollar.) Journal entry worksheet mices 1 2 3 4 5 Sold $1,546,800 of merchandise on credit, terms n/30 Not Enter debits before credits Transaction General Journal Debit Credit e(t) Record entry Clear entry View general lournal View transaction list Print Journal entry worksheet References Wrote off $30,000 of uncollectible accounts receivable, Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Print View transaction list Journal entry worksheet References