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it View Bookmarks History Profiles Tab Window Help YouTube B)-abi X MACC101 Principle: X Accounting 101 Ex X Accounting 101 Ex × M Question 12 - Cha X WiConnect-Hom o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252... e mework i Saved Problem 9-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 a. Sold $1,353,500 of merchandise on credit (that had cost $984,100), terms n/30. b. Wrote off $21,600 of uncollectible accounts receivable. c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be uncollectible. Year 2 e. Sold $1,502,300 of merchandise (that had cost $1,266,200) on credit, terms n/30. f. Wrote off $28,500 of uncollectible accounts receivable. g. Received $1,107,700 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be Required: Uncollectible. Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. < Prev 12 of 15 Next > Jeroid Ann vou can easily nav bills. buy airtime and data more 12.120 JUN 2 24 tv K L PRAY A C

it View Bookmarks History Profiles Tab Window Help YouTube B)-abi X MACC101 Principle: X Accounting 101 Ex X Accounting 101 Ex × M Question 12 - Cha X WiConnect-Hom o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252... e mework i Saved Problem 9-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 a. Sold $1,353,500 of merchandise on credit (that had cost $984,100), terms n/30. b. Wrote off $21,600 of uncollectible accounts receivable. c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be uncollectible. Year 2 e. Sold $1,502,300 of merchandise (that had cost $1,266,200) on credit, terms n/30. f. Wrote off $28,500 of uncollectible accounts receivable. g. Received $1,107,700 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be Required: Uncollectible. Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. < Prev 12 of 15 Next > Jeroid Ann vou can easily nav bills. buy airtime and data more 12.120 JUN 2 24 tv K L PRAY A C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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it View Bookmarks History Profiles Tab Window Help YouTube B)-abi X MACC101 Principle: X Accounting 101 Ex X Accounting 101 Ex × M Question 12 - Cha X WiConnect-Hom o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252... e mework i Saved Problem 9-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 a. Sold $1,353,500 of merchandise on credit (that had cost $984,100), terms n/30. b. Wrote off $21,600 of uncollectible accounts receivable. c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be uncollectible. Year 2 e. Sold $1,502,300 of merchandise (that had cost $1,266,200) on credit, terms n/30. f. Wrote off $28,500 of uncollectible accounts receivable. g. Received $1,107,700 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be Required: Uncollectible. Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. < Prev 12 of 15 Next > Jeroid Ann vou can easily nav bills. buy airtime and data more 12.120 JUN 2 24 tv K L PRAY A C
Transcribed Image Text:it View Bookmarks History Profiles Tab Window Help YouTube B)-abi X MACC101 Principle: X Accounting 101 Ex X Accounting 101 Ex × M Question 12 - Cha X WiConnect-Hom o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252... e mework i Saved Problem 9-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 a. Sold $1,353,500 of merchandise on credit (that had cost $984,100), terms n/30. b. Wrote off $21,600 of uncollectible accounts receivable. c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be uncollectible. Year 2 e. Sold $1,502,300 of merchandise (that had cost $1,266,200) on credit, terms n/30. f. Wrote off $28,500 of uncollectible accounts receivable. g. Received $1,107,700 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable would be Required: Uncollectible. Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. < Prev 12 of 15 Next > Jeroid Ann vou can easily nav bills. buy airtime and data more 12.120 JUN 2 24 tv K L PRAY A C
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