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 $1,351,200 of merchandise (that had cost $977,300) on credit, terms n/30 b. Wrote off $20,200 of uncollectible accounts receivable c. Received $665,800 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 100% of accounts receivable would be uncollectible Year 2 o. Sold $1.537100 of merchandise (that had cost $1.285.000) on credit, terms 1/30 1. Wrote of $32,000 of uncollectible accounts receivable g. Received $1143,100 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 100% of accounts receivable would be uncollectible, Required: Prepare joumal 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) Journal entry worksheet Wrote off $20,200 of uncollectible accounts receivable. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general journal Journal entry worksheet Received $665,800 cash in payment of accounts receivable. Note: Enter debits before credits Transaction 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 1.00% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit d Record entry Clear entry View general journal