Problem $7-4$A $($Static$)$ Accounts receivable transactions and bad debts adjustments LO C$1,$ P$2,$ P$3$

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 $$1,345,434$ of merchandise on credit $($that had cost $$975,000),$ terms $\frac{n}{30}.$

b$.$ Wrote off $$18,300$ of uncollectible accounts receivable.

c$.$ Received $$669,200$ cash in payment of accounts receivable.

d$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}5\%$ of accounts receivable would be uncollectible.

Year $2$

e$.$ Sold $$1,525,634$ of merchandise on credit $($that had cost $$1,250,000),$ terms $\frac{n}{30}.$

f$.$ Wrote off $$27,800$ of uncollectible accounts receivable.

g$.$ Received $$1,204,600$ cash in payment of accounts receivable,

h$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}5\%$ 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.$)$

Note: Round your intermediate calculations to the nearest dollar.