Liang began operations on January 1, 2014. During its first two years, the a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows: 2014 a. Sold $1,345A34 of merchandise (that had cost $975,000) on aredit, terms n/30. b. Wrote off $18,300 of uncollectible aocounts receivable. c. Received $669,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.5% of aocounts receivable wil be uncollectible. 2015 e. Sold $1,525,634 of merchandise (that had cost$1,250,000) on credit, terms n/30. f Wrote off $27,800 of uncollectible acoounts receivable. g. Received $1,204,600 cash in payment of accounts receivable. h. In adjusting the accounts on December 31. the company estimated that 1.5% of accounts receivable will be uncollectible. Required Prepare journal entries to record Liang's 2014 summarized transactions and its year-end adjustments to record bad debts expense. IThe company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar view transaction list view general Joumal Credit General Journal 1.345434 a(1) Accounts receivable 1,345,434 975,000 a(2) Cost of good sold Merchandise inventory 18,300 Allowance for doubtful accounts 18,300 Accounts receivable 669,200