Liang Company began operations in Year 1. During its first two years, the company completed a...

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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 a. Sold $1,351,900 of merchandise (that had cost $979,100) on credit, terms n/30. b. Wrote off $20,100 of uncollectible accounts receivable. c. Received $673,700 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 e. Sold $1,503,000 of merchandise (that had cost $1,262,500) on credit, terms n/30. f. Wrote off $31,600 of uncollectible accounts receivable. 9. Received $1,340,500 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.60% 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.) 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.) Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 0 Accounts receivable Percent uncollectible Total $575,000 $397,000 1 to 30 $91,000 31 31 to 60 $37,000 61 to 90 $19,000 81 Over 90 $31,000 20 69 Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. 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 a. Sold $1,351,900 of merchandise (that had cost $979,100) on credit, terms n/30. b. Wrote off $20,100 of uncollectible accounts receivable. c. Received $673,700 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 e. Sold $1,503,000 of merchandise (that had cost $1,262,500) on credit, terms n/30. f. Wrote off $31,600 of uncollectible accounts receivable. 9. Received $1,340,500 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.60% 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.) 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.) Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 0 Accounts receivable Percent uncollectible Total $575,000 $397,000 1 to 30 $91,000 31 31 to 60 $37,000 61 to 90 $19,000 81 Over 90 $31,000 20 69 Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit.

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Journal entries for the given transactions are shown as follows Journal Entries for the year 2016 Am... View the full answer