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 $1,346,200 of merchandise (that had cost $982,800) on credit, terms n/30. b. Wrote off $18,000 of uncollectible accounts receivable. c. Received $668,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Year 2 e. Sold $1,563,300 of merchandise (that had cost $1,270,200) on credit, terms n/30. f. Wrote off $27,800 of uncollectible accounts receivable. g. Received $1,192,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% 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 2 summarized transactions and its year-end adjustments to record bad debts exp (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 Debit Credit 1 e(1) Accounts receivable 1,563,300 Sales 1,563,300 e(2) Cost of good sold 1,270,200 Merchandise inventory 1,270,200 3 f. Allowance for doubtful accounts 27,800 Accounts receivable 27,800 g. Cash 1,192,400 Accounts receivable 1,192,400 Bad debts expense Allowance for doubtful accounts 5 h. < JE Year 1 JE Year 2 > ....... 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 ex (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) View journal entry worksheet View transaction list No Transaction General Journal Debit Credit 1 a(1) Accounts receivable 1,346,200 Sales 1,346,200 a(2) Cost of good sold 982,800 Merchandise inventory 982,800 3 b. Allowance for doubtful accounts 18,000 Accounts receivable 18,000 C. Cash 668,000 Accounts receivable 668,000 Bad debts expense Allowance for doubtful accounts 5 d. K JE Year 1 JE Year 2 > :......: