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 $1,345,300 of merchandise (that had cost $980,900) on credit, terms n/30. b. Wrote off $21,200 of uncollectible accounts receivable, c. Received $666,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 120% of accounts receivable would be uncollectible. Year 2 e. Sold $1,584.900 of merchandise (that had cost $1.275 700) on credit, terms n/30 f. Wrote off $28,100 of uncollectible accounts receivable, g. Received $1,257,900 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 120% 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.) No Transaction General Journal Debit Credit 1 a(1) Accounts receivable 1,345,300 Sales O 1,345,300 2 a(2) 980,900 Cost of good sold Merchandise inventory 980,900 3 b 21,200 Allowance for doubtful accounts Accounts receivable 21,200 4 C 666,000 Cash Accounts receivable 666,000 5 d 1,296 Bad debts expense Allowance for doubtful accounts 12,958 IF YO2 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 expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) NO Transaction General Journal Debit Credit 1 e(1) Accounts receivable Sales 2 e(2) Cost of good sold Merchandise inventory O 3 f. Allowance for doubtful accounts Accounts receivable O 4 9 Cash Accounts receivable 5 h Bad debts expense Allowance for doubtful accounts