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Prepare journal entries to record Liangs Year

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Reference no: EM132522822

Question - 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 $1,351,000 of merchandise (that had cost $979,900) on credit, terms n/30.

2. Wrote off $19,600 of uncollectible accounts receivable.

3. Received $674,100 cash in payment of accounts receivable.

4. In adjusting the accounts on December 31, the company estimated that 1.90% of accounts receivable would be uncollectible.

Year 2 -

1. Sold $1,576,800 of merchandise (that had cost $1,285,700) on credit, terms n/30.

2. Wrote off $30,800 of uncollectible accounts receivable.

3. Received $1,225,900 cash in payment of accounts receivable.

4. In adjusting the accounts on December 31, the company estimated that 1.90% 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.

Reference no: EM132522822

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