Business
Business, 04.07.2020 02:01, powella033

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
1. Sold $1,348,100 of merchandise (that had cost $981,200) on credit, terms n/30.
2. Wrote off $20,700 of uncollectible accounts receivable.
3. Received $667,100 cash in payment of accounts receivable.
4. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible.
Year 2
1. Sold $1,557,000 of merchandise (that had cost $1,347,300) on credit, terms n/30.
2. Wrote off $28,600 of uncollectible accounts receivable.
3. Received $1,241,900 cash in payment of accounts receivable.
4. 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.

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Answers: 3

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

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