Liang Company began operations on January 1, 2014. 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. 2014 a. Sold $1,345,600 of merchandise (that had cost $984,600) on credit, terms n/30. b. Wrote off $18,400 of uncollectible accounts receivable. c. Received $666,500 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable will be uncollectible. 2015 e. Sold $1,524,200 of merchandise (that had cost $1,296,200) on credit, terms n/30. f. Wrote off $27,000 of uncollectible accounts receivable. g. Received $1,200,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Liangs 2014 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 amount.)

Journal Entry Worksheet Sold $1,345,600 of merchandise on credit, terms n/30 Transacti General Journal Debit Credit a(t) *Enter debits before credits done clear entry Prepare journal entries to record Liang's 2015 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 amount.) view transaction list view general journal Journal Entry Worksheet Sold $1,524,200 of merchandise on credit, terms n/30 Transacti General Journal Debit Credit *Enter debits before credits done clear entry