Check my Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 a. Sold S1,345,434 of merchandise (that had cost $975,000) on credit, terms 1/30. 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 15% of accounts receivable would be uncollectible Year 2 e. Sold $1525,634 of merchandise on credit that had cost $1250,000), termsn (30. 1. Wrote off $27,800 of uncollectible accounts receivable 9. Received $1.204,500 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 15% of accounts receivable would be uncollectible, 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.)