Business, 16.04.2020 21:04 StrawberryCake24

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 Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30.
Wrote off $18,300 of uncollectible accounts receivable.
Received $669,200 cash in payment of accounts receivable.

In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be .

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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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