Liang Company began operations in Year 1 During its first two years, the company compieted a number of transactions involving sales on credit accounts recelvable collections, and bad debts. These transactions are summarized as foliows. Yeer 1 e. Soid \$135t,500 of merchandise on credit that had cost $979.5001 terms n30. b. Wrote off $19.500 of uncoliectible accourts recelvable c. Recelved $667000 cash in poyment of accourts recelvable. d. In adjusting the accounts on December 31 the company estimated that 310% of accounts receivable would be uncoliectible. Year 2 e. Sold $1.559,100 of merchandise (that had cost $1306.300 ) on credt, terms n/30. e. Wrote off $27.000 of uncollectible accourts recelvable. Q. Recelved $1.268.800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 3.10% of accounts receivable would be uncollectible: Requlred: Prepare journal entries to record Liang's Year 1 and Year 2 summariaed transactions and its year-end acdiustments to tecord bad debts expense. (The company uses the perpetual imventory system, and it applies the allowance method for its accounts receivable.) Note: Round your Intermedlete celeuletlons to the neerest dollor. Complete this question by entering your answers in the tabs below. Prepare journal entries to record Liang is Year 1 summarined tranactions and its year-end adjustments to record bad debts expense. (The cornpary uses the perpetual inveritiry system, and it applies the alloviance method for its accounts receivable.) 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: Yeer 1 - Sold $1.351.500 of merchandise on credit that had cost $979,500), terms n/30. b. Wrote otf $19,500 of uncollectible accounts recelvable c. Recelved $667.000 cash in payment of accounts recelvable d. In adjusting the accounts on December 3L the company estimated that 3.30% of accounts receivable would be uncollectible. Yeer 2 c. Sold $1.559,100 of merchandise (that had cost $1,306,300 ) on credit, terms n/30. 1. Wrote off $27,000 of uncollectible accourts recelvable Q. Received $1.268,800 cash in payment of accounts receivable h. In adjusting the accounts on December 31 , the company estimated that 3.10% of accounts receivable would be uncollectible. Requlred: Prepare journal entries to record Lieng's Year 1 and Year 2 summarized transactions and its year end adjustments to record bad debts expense (The company uses the perpetual imvertory system, and it applies the allowance method for its accounts receivable) Note: Round your Intermediate celculations to the nearest doller. Complete this question by entering your answers in the tabs below. Prepare joumal entries to record Liang's Year 2 summariced transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual imventory system, and it applies the allowance method for its accounts receivable.)