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P 7-4a Yahoo MHE Reader Estimated Warranty Expense 07 P 7-4a i 1 Year 1 a. Sold $1,348,300 of merchandise (that had cost $982,800) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. ts Year 2 eBook e. Sold $1,580,900 of merchandise (that had cost $1,341,400) on credit, terms h/30. f. Wrote off $33,300 of uncollectible accounts receivable. g. Received $1,189,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Print 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. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) eferences Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet 2 3 4 In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Bad debts expense h. Allowance for doubtful accounts Record entry Clear entry View general journal < JE Year 1 JE Year 2 > Graw Hill Education

P 7-4a Yahoo MHE Reader Estimated Warranty Expense 07 P 7-4a i 1 Year 1 a. Sold $1,348,300 of merchandise (that had cost $982,800) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. ts Year 2 eBook e. Sold $1,580,900 of merchandise (that had cost $1,341,400) on credit, terms h/30. f. Wrote off $33,300 of uncollectible accounts receivable. g. Received $1,189,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Print 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. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) eferences Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet 2 3 4 In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Bad debts expense h. Allowance for doubtful accounts Record entry Clear entry View general journal < JE Year 1 JE Year 2 > Graw Hill Education

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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P 7-4a Yahoo MHE Reader Estimated Warranty Expense 07 P 7-4a i 1 Year 1 a. Sold $1,348,300 of merchandise (that had cost $982,800) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. ts Year 2 eBook e. Sold $1,580,900 of merchandise (that had cost $1,341,400) on credit, terms h/30. f. Wrote off $33,300 of uncollectible accounts receivable. g. Received $1,189,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Print 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. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) eferences Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet 2 3 4 In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Bad debts expense h. Allowance for doubtful accounts Record entry Clear entry View general journal < JE Year 1 JE Year 2 > Graw Hill Education
Transcribed Image Text:P 7-4a Yahoo MHE Reader Estimated Warranty Expense 07 P 7-4a i 1 Year 1 a. Sold $1,348,300 of merchandise (that had cost $982,800) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. ts Year 2 eBook e. Sold $1,580,900 of merchandise (that had cost $1,341,400) on credit, terms h/30. f. Wrote off $33,300 of uncollectible accounts receivable. g. Received $1,189,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Print 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. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar.) eferences Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet 2 3 4 In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Bad debts expense h. Allowance for doubtful accounts Record entry Clear entry View general journal < JE Year 1 JE Year 2 > Graw Hill Education
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