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 $1,345,434 of merchandise on credit (that had cost $975,000 ), terms n/30. b. Wrote off $18,300 of uncollectible accounts 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 accounts receivable would be uncollectible. Year 2 e. Sold $1,525,634 of merchandise on credit (that had cost $1,250,000 ), terms n/30. f. Wrote off $27,800 of uncollectible accounts receivable. 9. 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 would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adiustmentc to Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to record bad (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable.) Journal entry worksheet 5 Sold $1,345,434 of merchandise on credit, terms n/30. Note: Enter debits before credits