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Saved Help Save & Ext Submit 10,11,13, P7-4A. One of Two Due Mar 29 Check my work Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 $1350.400 of merchandise on credit (that had cost $977,400). terms n/30. b. Wrote off $21700 of uncollectible accounts receivable. c. Received $668,600 cash In payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable would be uncollectible. Year 2 e. Sold S1,585,700 of merchandise (that had cost $1,311,200) on credit, terms /30. f. Wrote off $25,600 of uncollectible accounts receivable. 9. Received $1,365,300 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.40% 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 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.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang'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.) View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,585,700 of merchandise on credit, terms n/30. Note: Enter debits before credits Transaction General Journal Debit Credit e(1) Record entry Clear entry View general Journal 0-8, 21.07.10,11,13, P74A, One of Iwo Due Mar 29 5 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 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.) bed View transaction list OOK Journal entry worksheet 5 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 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.) ped View transaction list Book Journal entry worksheet Seved 57-8, 21,E7-10,11,13, P7.4A. One of Two Due Mar 29 5 Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Llang'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.) ed View transaction list BOOK Journal entry worksheet