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Question 7 - Chapter 7 Problems x M Inbox - adamg4655@gmail.com x + c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252Fportal%252Fframe... Chapter 7 Problems Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 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. Year 1 3.12 points a. Sold $1,352,700 of merchandise on credit (that had cost $975,700), terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $673,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.70% of accounts receivable would be uncollectible. Year 2 e. Sold $1,591,500 of merchandise (that had cost $1,259,700) on credit, terms n/30. f. Wrote off $34,700 of uncollectible accounts receivable. g. Received $1,304,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.70% 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 C 10:22 Question 7 - Chapter 7 Problems x M Inbox - adamg4655@gmail.com x + c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252Fportal%252Fframe... Chapter 7 Problems Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 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.) 3.12 points No Transaction General Journal Credit Debit 1,591,500 1 e(1) Accounts receivable Sales 1,591,500 2 e(2) 1,259,700 Cost of goods sold Merchandise inventory 1,259,700 3 f. 34,700 Allowance for doubtful accounts Accounts receivable 34,700 4 g Cash 1,304,000 Accounts receivable 1,304,000 5 h. 37,450 X Bad debts expense Allowance for doubtful accounts 37,450 Mc Graw Hill C 10:23 Question 7 - Chapter 7 Problems x M Inbox - adamg4655@gmail.com x + c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252Fportal%252Fframe... Chapter 7 Problems Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 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. Year 1 3.12 points a. Sold $1,352,700 of merchandise on credit (that had cost $975,700), terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $673,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.70% of accounts receivable would be uncollectible. Year 2 e. Sold $1,591,500 of merchandise (that had cost $1,259,700) on credit, terms n/30. f. Wrote off $34,700 of uncollectible accounts receivable. g. Received $1,304,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.70% 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 C 10:22 Question 7 - Chapter 7 Problems x M Inbox - adamg4655@gmail.com x + c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252Fportal%252Fframe... Chapter 7 Problems Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 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.) 3.12 points No Transaction General Journal Credit Debit 1,591,500 1 e(1) Accounts receivable Sales 1,591,500 2 e(2) 1,259,700 Cost of goods sold Merchandise inventory 1,259,700 3 f. 34,700 Allowance for doubtful accounts Accounts receivable 34,700 4 g Cash 1,304,000 Accounts receivable 1,304,000 5 h. 37,450 X Bad debts expense Allowance for doubtful accounts 37,450 Mc Graw Hill C 10:23