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 a. Sold $1,347,700 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $21,200 of uncollectible accounts receivable. c. Received $670,400 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. 2018 e. Sold $1,534,700 of merchandise on credit (that had cost $1,296,100), terms n/30. f. Wrote off $33,700 of uncollectible accounts receivable. g. Received $1,364,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. Required: Prepare Journal entries to record Liang's 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.) Journal entry worksheet 1 2 3 4 5 Sold $1,347,700 of merchandise on credit, terms n/30. Note: Enter de bits before credits. General Journal Debit Transaction a(1) Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 Record cost of goods sold, $982,500. Note: Enter debits before credits. Transaction General Journal Debit Credit a(2) Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 > Wrote off $21,200 of uncollectible accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet Received $670,400 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet