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10 Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 1 Done 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 51,345.434 of merchandise (that had cost $975,000) on credit, terms 1/30. b. Wrote off $18,300 of uncollectible accounts receivable c. Received 5669 200 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 15% of accounts receivable would be uncollectible Year 2 .. Sold $1,525 634 of merchandise on credit that had cost $1.250,000). terms 1/30 Wrote of $27.800 of uncollectible accounts receivable g. Received $1204.600 cash in payment of accounts receivable In adjusting the accounts on December 31, the company estimated that 15% of accounts receivable would be uncollectible Required: Prepare journal entries to record Lang's year and Year 2 summarized transactions and its year end adjustments to record bad debts expense. The company uses the perpetuat inventory system and it applies the allowance method for its accounts receivable (Round your intermediate calculations to the nearest dollar) Mc G Hill ces In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible. Note: Enter debits before credits Transaction General Journal Debit Credit d Bad debts expense Allowance for doubtful accounts