Johnson Co. began operations on January 1, 2019. During the next 2 years, they completed a number of transactions involving credit sales, accounts receivable collections and bad debts The transactions are summarized as follows (assume a perpetual inventory system) 2019 January 26 June 13 December 19 Merchandise that cost $608,000 was sold for $776,000 under credit terms of n/30 Wrote off uncollectible accounts receivable in the amount of $16,000 Received cash of $520,000 in payment of outstanding accounts receivable In adjusting the accounts on December 31, concluded that 2.0% of the outstanding accounts receivable would become uncollectible December 31 2020 March 26 ohnson Co. sold merchandise for $1,144,000 under credit terms of n/60. The merchandise had cost $896,000 Wrote off uncollectible accounts receivable in the amount of $24,000 Payments of outstanding accounts received totaled $560,000 While accounts were being adjusted on December 31, it was concluded that 2.0% of the outstanding accounts receivable would become uncollectible August 15 November 22 December 31 Required: Prepare journal entries to record Johnson's 2019 and 2020 summarized transactions, and the adjusting entries to record bad debt expense at the end of each year (December 31)