Chapter 07 Homework Saved 14 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. 2017 points a. Sold $1,348,400 of merchandise (that had cost $981,600) on credit, terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $669,600 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable will be uncollectible. eBook 2 2018 Print e. Sold $1,582,800 of merchandise on credit (that had cost $1,299,300). terms n/30. f. Wrote off $34,900 of uncollectible accounts receivable. g. Received $1,211,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable will be uncollectible. References Required: Prepare journal entries to record Liang's 2017 and 2018 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.) Complete this question by entering your answers in the tabs below. JE 2017 JE 2018 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet 2 3 4 5 Sold $1,348,400 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction General Journal Debit Credit a(1) Record entry Clear entry View general journal JE 2017 JE 2018 Prepare journal entries to record Liang's 2018 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 5 Sold $1,582,800 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction General Journal Debit Credit e(1) Record entry Clear entry View general journal