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 $1,345,900 of merchandise (that had cost $982,300) on credit, terms n/30. b. Wrote off $19,300 of uncollectible accounts receivable. c. Received $665,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Year 2 e. Sold $1,583,500 of merchandise (that had cost $1,307,500) on credit, terms n/30. f. Wrote off $30,400 of uncollectible accounts receivable. g. Received $1,127,500 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% 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.) View transaction list X > 1 Sold $1,345,900 of merchandise on credit, terms n/30. 2 Record cost of goods sold, $982,300. 3 Wrote off $19,300 of uncollectible accounts receivable. 4 Received $665,900 cash in payment of accounts receivable. Credit 5 In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Note : = journal entry has been entered Record entry Clear entry View general journal View transaction list :X: : 1 Sold $1,583,500 of merchandise on credit, terms n/30. > 2 Record cost of goods sold, $1,307,500. 3 Wrote off $30,400 of uncollectible accounts receivable. 4 Received $1,127,500 cash in payment of accounts receivable. Credit 5 In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Note : = journal entry has been entered Record entry Clear entry View general journal