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 $1,350,500 of merchandise on credit (that had cost $978,300), terms n/30. b. Wrote off $18,400 of uncollectible accounts receivable. c. Received $665,100 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Year 2 e. Sold $1,591,100 of merchandise (that had cost $1,347,200) on credit, terms n/30. f. Wrote off $33,400 of uncollectible accounts receivable. g. Received $1,158,900 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.30% 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.) JE Year 1 JE Year 2 Prepare journal 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,350,500 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction a(1) General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 Record cost of goods sold, $978,300. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Record entry Clear entry View general journal Journal < 1 2 3 4 5 Wrote off $18,400 of uncollectible accounts receivable. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Received $665,100 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction d. General Journal Debit Credit View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,591,100 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction e(1) General Journal Debit Credit Record entry Clear entry View general journal > JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustmer (The company uses the perpetual inventory system, and it applies the allowance method for its acco View transaction list Journal entry worksheet < 1 2 3 4 5 Record cost of goods sold, $1,347,200. Note: Enter debits before credits. Transaction e(2) General Journal Debit Credit Record entry Clear entry View general journal < 2 3 4 5 Wrote off $33,400 of uncollectible accounts receivable. Note: Enter debits before credits. Transaction f. General Journal Debit Credit ^ Record entry Clear entry View general journal Journal entry 2 3 4 5 Received $1,158,900 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction g. General Journal Debit Credit Record entry Clear entry View general journal > < 1 2 3 4 5 In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction h. General Journal Debit Credit > Record entry Clear entry View general journal