View transaction list Journal entry worksheet Record the sales. Note: Enter debits before credits. Clear entry View general journal 2024 View transaction list Journal entry worksheet 2 3 4 5 Record the sales. Note: Enter debits before credits. Transaction General Journal Debit Credit e-1Peru Industries began operations on January 1, 2023. During the nexttwo years, the company completed a number oftransactions involving credit sales, accounts receivable collections, and bad debts {assume a perpetual inventory system}. These transactions are summarized as follows: 2023 a. Sold merchandise on credit for $2,220,000, terms ne'30 {COGS = $1,227,000]. h. Wrote off uncollectible accounts receivable in the amount of $33,900. 1:. Received cash of$1,327,000 in payment of outstanding accounts receivable. cl. In adjusting the accounts on December 31, concluded that 1.5% ofthe outstanding accounts receivable would become uncollectible. 2024 e. Sold merchandise on credit for $2,907,000, terms nr'30 (COGS = $1,585,000}. f. Wrote off uncollectible accounts receivable in the amount of $52,700. 9. Received cash of$2,197,000 in payment ofoutstanding accounts receivable. h. In adjusting the accounts on December 31, concluded that 1.5% ofthe outstanding accounts receivable would become uncollectible. Company uses the allowance method to account for uncollectible. Required: Preparejournal entries to record Peru's 2023 and 2024 summarized transactions and the adjusting entries to record bad debt expense at the end of each year. {Round your intermediate calculations and final answers to nearest whole dollar.) 2023 Swiss Supplies showed the following selected adjusted balances at its December 31, 2022, yearend: Accounts Receivable Dec. 31f22 Balance BQGJGQD Allowance for Doubtful Accounts 20J400 Dec. 31l22 Balance During 2023. the following selected transactions occurred: a. Sales totalled $2380.000. of which 25% were cash sales [cost of sales $395,000}. b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. a. Collections from credit customers totalled $1,?40,000 [excluding the recovery in {c} above]. Parr: A Required: 1. Journalize transactions {a} through [e]. You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. Port A Required: 1. Journalize transactions {a} through {e}. You may find it useful to post your entries to Taccounts for Accounts Receivable and Allowance for Doubtful Accounts. Flew transaction list Journal entry worksheet Record the sales. Note: Enter debits before credits. _-- Note: Enter debits before credits. Transaction General Journal Debit Credit a(1) Record entry Clear entry View general journal Part B Required: 2. Prepare the December 31, 2023, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales.Part 3 Required: 1 Prepare the December 3'1, 2023, adjusting entry.r to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales. View transaction list Journal entry worksheet Record the estimate for uncollectihle accounts. Note: Enter debits before credits. -- 3. Show how accounts receivable will appear on the December 31, 2023, balance sheet 4. What will bad debt expense be on the income statement for the year ended December 31, 2023? Part C {independent of Part B) Required: 5. Prepare the December 31, 2023. adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 3% of outstanding receivables. We'll! transaction "St Journal entry worksheet Record the estimate for uncollecble accounts. Note: Enter debits before credits. -- Dec 31 Record entry Clear entry View general journal 6. Show how accounts receivable will appear on the December 31, 2023, balance sheet. Partial Balance Sheet Assets Current assets:1. What will bad debt expense be on the income statement for the year ended December 31, 2023? _:|