Journal Entry for Year 1&2

on credit, accounts recelvable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,352,300 of merchandise on credit (that had cost $978,700 ), terms N/30. b. Wrote off $18,300 of uncollectible accounts recelvable. c. Received $674,100 cash in payment of accounts receivable. d. In adjusting the accounts on December 31 , the company estimated that 1.90% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,562,700 of merchandise (that had cost $1,260,700 ) on credit, terms n/30. f. Wrote off $30,700 of uncollectible accounts recelvable. g. Received $1,115,900 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 1.90% of accounts recelvable 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. Complete this question by entering your answers in the tabs below. Prepare fournal entries to record Liang's Year 1 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.)