LiaLiang 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 $1$

Sold $$1,350,800$ of merchandise on credit $($that had cost $$977,600),$ terms n$/30.$

Wrote off $$21,900$ of uncollectible accounts receivable.

Received $$669,800$ cash in payment of accounts receivable.

In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}90\%$ of accounts receivable would be uncollectible.

Year $2$

Sold $$1,564,100$ of merchandise $($that had cost $$1,336,400)$ on credit, terms n$/30.$

Wrote off $$25,500$ of uncollectible accounts receivable.

Received $$1,198,900$ cash in payment of accounts receivable.

In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}90\%$ 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.ng 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 $1$

Sold $$1,350,800$ of merchandise on credit $($that had cost $$977,600),$ terms n$/30.$

Wrote off $$21,900$ of uncollectible accounts receivable.

Received $$669,800$ cash in payment of accounts receivable.

In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}90\%$ of accounts receivable would be uncollectible.

Year $2$

Sold $$1,564,100$ of merchandise $($that had cost $$1,336,400)$ on credit, terms n$/30.$

Wrote off $$25,500$ of uncollectible accounts receivable.

Received $$1,198,900$ cash in payment of accounts receivable.

In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}90\%$ 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.