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Problem 9-4A (Algo) 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 feceivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,346,400 of merchandise on credit (that had cost $975,200 ), terms n/30. b. Wrote off $21,000 of uncollectible accounts receivable. c. Received $674,000 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 1.90% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,578,500 of merchandise (that had cost $1,272,900 ) on credit, terms n/30. f. Wrote off $25,600 of uncollectible accounts receivable. g. Received $1,178,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 1.90% 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.) Note: Round your intermediate calculations to the nearest dollar