Business, 28.12.2021 09:00 fatherbamboo

Year 1 Sold $1,350,700 of merchandise on credit (that had cost $977,800), terms n/30.

Wrote off $19,100 of uncollectible accounts receivable.

Received $666,100 cash in payment of accounts receivable.

In adjusting the accounts on December 31, the company estimated that 2.60% of accounts receivable would be uncollectible.

Year 2:

Sold $1,587,300 of merchandise (that had cost $1,313,400) on credit, terms n/30.

Wrote off $25,500 of uncollectible accounts receivable.

Received $1,153,900 cash in payment of accounts receivable.

In adjusting the accounts on December 31, the company estimated that 2.60% 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.

Answers: 1

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Year 1 Sold $1,350,700 of merchandise on credit (that had cost $977,800), terms n/30.

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