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 $1,346,400 of merchandise on credit (that had cost $982,100), terms n/30. b. Wrote off $21,500 of uncollectible accounts receivable. c. Received $674,600 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.30% of accounts receivable would be uncollectible. Year 2 e. Sold $1,597,200 of merchandise (that had cost $1,340,900) on credit, terms n/30. f. Wrote off $32,100 of uncollectible accounts receivable. g. Received $1,271,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.30% 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.) Note: Round your intermediate calculations to the nearest dollar. Complete this question by entering your answers in the tabs below. Journal Entry Journal Entry Year 1 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 View journal entry worksheet No Transaction General Journal 1 a(1) Accounts receivable Sales Debit Credit 1,346,400 1,346,400 < Prev 10 of 15 Next > 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. Complete this question by entering your answers in the tabs below. Journal Entry Journal Entry Year 1 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 View journal entry worksheet Debit Credit 1,346,400 1,346,400 Sold $1,346,400 of merchandise on credit, terms n/30. Record cost of goods sold, $982,100. 982,100 982,100 Wrote off $21,500 of uncollectible accounts receivable. 21,500 21,500 Received $674,600 cash in payment of accounts receivable. 5 In adjusting the accounts on December 31, the company estimated that 2.30% of accounts receivable would be uncollectible. Note: journal entry has been entered 674,600 674,600 urnal Entry Year 2 > Complete this question by entering your answers in the tabs below. Journal Entry Journal Entry Year 1 Year 2 Prepare journal entries to record Liang's 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.) View transaction list 1 Sold $1,597,200 of merchandise on credit, terms n/30. 2 Record cost of goods sold, $1,340,900. 3 Wrote off $32,100 of uncollectible accounts receivable. 4 Received $1,271,100 cash in payment of accounts receivable. 5 In adjusting the accounts on December 31, the company estimated that 2.30% of accounts receivable would be uncollectible. Note: journal entry has been entered Record entry Credit Clear entry View general journal