Business, 13.03.2020 17:28 calebabaltimore
Liang Company began operations on January 1, 2017. 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.
2017
a. Sold $1,347,100 of merchandise (that had cost $983,600) on credit, terms n/30.
b. Wrote off $21,100 of uncollectible accounts receivable.
c. Received $667,400 cash in payment of accounts receivable.
d. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.
2018
e. Sold $1,501,200 of merchandise on credit (that had cost $1,291,000), terms n/30.
f. Wrote off $28,100 of uncollectible accounts receivable.
g. Received $1,282,100 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.
Required:
1. Prepare Journal entries to record Liang's 2017 and 2018 summarized transactions and its year-end adjustments to record bad debts expense.
2. Prepare Journal entries to record Liang's 2017 summarized transaction and its year-end adjustment to record bad debts expenses.
3. Prepare Journal entries to record Liang's 2018 summarized transactions and its year-end adjustments to record bad debts expense.
Answers: 2
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