Help Save & Eat 60 paints 5 Check my work Problem 7-4A (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 receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1,345.500 of merchandise on credit that had cost $983.800 ms 30 b. Wrote off $18.200 of uncollectible accounts receivable. c. Received $669.800 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable would be uncollectible Mc Graw Year 2 e. Sold $1,576,900 of merchandise that had cost $1,305,100) on credit, terms 30 Wrote off $32,600 of uncollectible accounts receivable g. Received $1.228.100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 120% 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) < Prev 5 of 6 Next >