Liang Company began operations in Year 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 aSold of merchandise (that had cost $976,300) on creditterms n / 30 b. off $19,200 of uncollectible accounts receivable c. Received 671600 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 2.20% of accounts receivable would be uncollectible on Year 2 eS1,575,500 of merchandise (that had cost $) on credit terms n / 30 Wrote off 531, 50t of uncollectible accounts receivable Received cash in payment of accounts receivable. hadjusting the accounts on December 31the company estimated 220 receivable would be un collectible Required : Prepare to record Year 2 year-end adjustments to record debts expense company uses the perpetual inventory system and applies the allowance method for its accounts receivable(Round your intermediate calculations to the nearest dollar)

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 $1350,600 of merchandise (that had cost $976,300) on credit, terms 1/30. b. Wrote off $19.200 of uncollectible accounts receivable c. Received $671,600 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 2 20% of accounts receivable would be uncollectible Year 2 e. Sold $1575,500 of merchandise (that had cost $1.276,000) on credit terms n/30. f. Wrote off $31,500 of uncollectible accounts receivable 9. Received $1117600 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2 20% 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 dollor.) Complete this question by entering your answers in the tabs below. JE Year 1 JE Year 2 Prepare journal entries to record Lang'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 Journal entry worksheet 1 2 3 4 5 > Sold $1,350,600 of merchandise on credit, terms n/ao. Totenter debits before credits Transaction General Journal Debit Credi My EVEN JE Year 1 JE Year 2 Prepare journal entries to record Lang'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 Journal entry worksheet 1 2 3 4 5 Sold 51.575,500 of merchandise on credit, terms 1/30 Tot: Erdebit before it General Journal Debit Credit Transaction (1)