Liang Company began operations on January 1, 2017 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 2017 Sold $1,353,300 of merchandise (that had cost $977,400) on credit, terms n 30 Wrote off $18,200 of uncollectible accounts receivable Received $666,400 cash in payment of accounts receivable In adjusting the accounts on December 31, the company estimated that 1 70 of accounts receivable will be uncollectible 2018 Sold $1,545,000 of merchandise on credit (that had cost $1,256,900), terms n 30 Wrote off $26,400 of uncollectible accounts receivable Received $1,329,900 cash in payment of accounts receivable In adjusting the accounts on December 31, the company estimated that 1 70 of accounts receivable will be uncollectible Required Prepare journal entries to record Liangs 2017 and 2018 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 )

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Liang Company began operations on January 1, 2017. During its first two years, the company completed a number of transactions involving sales on credit, accounts

Liang Company began operations on January 1, 2017. 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. 2017

Sold $1,353,300 of merchandise (that had cost $977,400) on credit, terms n/30.
Wrote off $18,200 of uncollectible accounts receivable.
Received $666,400 cash in payment of accounts receivable.
In adjusting the accounts on December 31, the company estimated that 1.70% of accounts receivable will be uncollectible.

2018

Sold $1,545,000 of merchandise on credit (that had cost $1,256,900), terms n/30.
Wrote off $26,400 of uncollectible accounts receivable.
Received $1,329,900 cash in payment of accounts receivable.
In adjusting the accounts on December 31, the company estimated that 1.70% of accounts receivable will be uncollectible.

Required: Prepare journal entries to record Liangs 2017 and 2018 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.)