1 1 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 10 points Sold $1,353,900 of merchandise (that had cost $975,100) on credit, terms /30. b. Wrote of $19,700 of uncollectible accounts receivable c. Received $672,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the compary estimated that 2.40% of accounts receivable would be uncollectible. Year 2 e. Sola $1,576,400 of merchandise (that had cost $1.261,500) on credit terms r/30 Wrote off $29,600 of uncollectible accounts receivable. 9. Received $1239,300 cash in payment of accounts receivable. no In adjusting the accounts on December 31, the company estimated that 240% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Long's Year 1 and Year 2 summarired transactions and its year-end adjustments to record bed 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) Complete this question by entering your answers in the tabs below. 1 Prepare journal entre to recordings Year med transactions and year-end adjustments to record bad debts eperde The company as the perpetual Inventory system and it applies the stowance method for its accounts receivable) Journal entry worksheet 3 5 1 Prepare journal entries to record Liang's Tear 1 ana Year 2 summarizea 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) 10 points Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Book Prepare journal entries to record Liang's Year 1 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 Print Journal entry worksheet 1 References Sold $1,353,900 of merchandise on credit, terms 1/30 Not Enter debts before credits Transaction a(1 General Journal Debit Credit Record entry Clear entry View general journal 10 points Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 eBook Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments to record bad debts (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) Ask View transaction list Print Journal entry worksheet