YouTube C Chegg Activity for Chen... Google MG Exam CH2 5 Liong Company begon operations in Yeart. 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 follow Year 1 10 po a. Sold $1846,200 of merchandise (that had cost $981.400) on credit, termen/30 b. Wrote of $20,400 of uncollectible accounts receivable. c Received $606,000 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 10% of accounts receivable would be uncollectible 80036 Year 2 e. Sold $1.534 900 of merchandise (that had cost $1.251200) on credit. term n/30 Wrote of $32,000 of uncollectible accounts receivable. 9. Received $1.249.000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year and Year 2 summarized transactions and its your end adjustments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for es accounts receivable (Round your intermediate calculations to the nearest dollar) Complete this question by entering your answers in the tabs below. Yar DE 2 Prepare jumal entries to record Lang Warumine transactions and its and adjustments to record bad debts expense (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable) Viewracionit Journal entry worksheet 2 3 6 Sald 11,346,200 of handien dit uns 70 Foto Transaction General Journa Dobit Credit m. 5 Lieng Company began operations in Yeart. During es first two years, the company completed a number of transactions involving on credi, accounts receivable collections, and bed debts. These transactions are summarized as follow MI a. Sold $1345,200 of merchandise that had cost $981,400) on credit, tem /30. b. Wote of $20.400 of uncollectible accounts receivable c. Received $666,600 coshin payment of Bccounts receivable d In ndjusting the accounts on December 31, the company estimated that 3.10% of accounts receivable would be uncollectible Year 2 e. Sold $1,534,900 of merchandise that had cost $1251,200 on credit, terms n30. Wrote of $32,000 of uncollectible accounts receivablo 9. Received $1.249,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivable would be uncollectible Required: Prepare journal entries to record Liang's Yeart and Year 2 summarized transactions and its year-end adjustments to record bed expense (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable your Intermediate calculations to the nearest dollar) Complete this question by entering your answers in the tabs below. DE 1 DE Year 2 Prepare jumalaries to record Lang Yuan commarted transactions and its year-end adjustments to record bud dubts expen The company uses the perpetuat inventory system and the lance method for its accountable Vranacions Journal entry worksheet 2 3 4 5 > Set al. 1901.00 Transit General Journal DELIT Credit he Year 2 e Sold $1,534,900 of merchandise (that had cost $1.251,200) on credit, terms n/30. EWrote off $32,000 of uncollectible accounts receivable g. Received $1,249,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivable woulc Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustme expense. (The company uses the perpetual inventory system ond it applies the allowance method for its acco your Intermediate calculations to the nearest dollar) Complete this question by entering your answers in the tabs below. JE Y JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record b (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable View transaction lit Journal entry worksheet 2 5 Hoff 520,400 g uncollectible accounts receivabile, Wedstefore Transaction General journal De Credit e. Sold $1,534,900 of merchandise that had cost $1,251,200) on credit, terms n/30 Wrote off $32,000 of uncollectible accounts receivable. g. Received $1.249.000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivab Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end a expense. (The company uses the perpetual inventory system and it applies the allowance method for your Intermediate calculations to the nearest dollar.) Complete this question by entering your answers in the tabs below. JE Year JE Year 2 Prepare journal entries to record tiang's Year 1 summarized transactions and its year-end adjustments to The company uses the perpetual inventory system and it applies the allowance method for its accounts re View transaction et Journal entry worksheet K 1 3 5 Received 5666.600 ishin payment al accounts receive Die Transaction General Journal Debit Credit Year 2 e. Sold $1.534,900 of merchandise (that had cost $1.251,200) on credit, terms n/30. Wrote off $32,000 of uncollectible accounts receivable. g. Received $1,249,000 cash in payment of occounts receivable. I. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivable w Required Prepare journal entries to record Liang's Year 1 and Year 2 summarized tronsactions and its year-end adjus expense (The company uses the perpetual inventory system and it applies the allowance method for its o 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 Llang's Year 1 summarized transactions and it year-end adjustments to reco The company uses the perpetual inventory system and it applies the allowance method for its accounts receiv View transaction in Journal entry worksheet 2 3 4 adjusting the accounts on December 31, the company stand that accounts receive would lie un collectibles ti action General Journal Credit nar 2 Sold $1,534,900 of merchandise that had cost $1,251,200) on credit, terms n/30. Wrote off $32,000 of uncollectible accounts receivable. Received $1.249,000 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivat equired Epore journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end pense. (The company uses the perpetual inventory system and it applies the allowance method for ur 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 The company uses the perpetual inventory system and it applies the allowance method for its accounts Mew transaction et Journal entry worksheet 2 3 4 5 Sold 11,531.900 al merchandise on credit, tennis 1/30 und Transaction General Journal Dobit Credit TE Year 2 e. Sold $1,534,900 of merchandise (that had cost $1.251,200) on credit, terms n/30. f. Wrote off $32,000 of uncollectible accounts receivable. g. Received $1,249,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.10% of accounts receivat Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end expense. (The company uses the perpetual inventory system and it applies the allowance method for your Intermediate calculations to the nearest dollar) Complete this question by entering your answers in the tabs below. JE Year JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to (The company uses the perpetual inventory system and it applies the allowance method for its accounts View action fint Journal entry worksheet