Question: Prepare journal entries to record Liangs 2016 and 2017 summarized transactions and its year- end adjustments to record bad debts expense. The company uses the

Prepare journal entries to record Liangs 2016 and 2017 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 amounts to the nearest dollar.

1. Prepare journal entries to record these transactions and events. (Round amounts to the nearest dollar.)

2. What reporting is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period? Explain the reason for this requirement and the accounting principle being satisfied.

Prepare journal entries to record Liangs 2016 and 2017 summarized transactions

and its year- end adjustments to record bad debts expense. The company

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