Liang company began operations on january 1, 2016. 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:

2016

a. sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30.

b. wrote off $18,300 of uncollectible accounts receivable.

c. received $669,200 cash in payment of accounts receivable.

d. in adjusting the accounts on december 31, the company estimated that 1.5% of accounts receivable will be uncollectible.

2017

a. sold $1,525,634 of merchandise on credit (that had cost $1,250,000), terms n/30.

b. wrote off $27,800 of uncollectible accounts receivable.

c. received $1,204,600 cash in payment of accounts receivable.

d. in adjusting the accounts on december 31, the company estimated that 1.5% of accounts receivable will be uncollectible.

required:
prepare journal entries to record liang’s 2016 and 2017 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 amount.)

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below. a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below. a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02