Liang Company began operations on January 1, 2017. 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.2017a. Sold $1,347,100 of merchandise (that had cost $983,600) on credit, terms n/30.b. Wrote off $21,100 of uncollectible accounts receivable. c. Received $667,400 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.2018e. Sold $1,501,200 of merchandise on credit (that had cost $1,291,000), terms n/30.f. Wrote off $28,100 of uncollectible accounts receivable. g. Received $1,282,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible. Required:1. Prepare Journal entries to record Liang's 2017 and 2018 summarized transactions and its year-end adjustments to record bad debts expense.2. Prepare Journal entries to record Liang's 2017 summarized transaction and its year-end adjustment to record bad debts expenses.3. Prepare Journal entries to record Liang's 2018 summarized transactions and its year-end adjustments to record bad debts expense.

Menu design is determined by the market, and meal period.

In three to four sentences, explain the effect of a price ceiling on the quantity of a good and who this intervention intends to assist

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?