Problem 7-2A Accounts receivable transactions and bad debts adjustments LO C1, P2 Liang Company began operations on January 1, 2012. During its frst two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These ransactions are summarized as follows 2012 a. Sold $1,345,434 of merchandise (that had cost $975.000) on aredit, serms n/30 b. Whote off $18,300 of uncollectible accounts receivable. c. Received $569,200 cash in payment of accounts recelvable d. i, adisting the accounts on December 31, te oompany estimated that 1 5% of accounts receivable wil 2013 Sold $1,525 634 of mrhandise (that had cost $1,250,000) on credit, terms n/3 Wirobe of $27,800 of uncolectible accounts receivable Received $1,204,600 cash in payment of accounts receivable h. In adjusting the accounts on December 31,the company estimated that 1.5% of accounts receivable be uncolectble Prepare journal entries to record Liang's 2012 summarized transactions and ts yeanend adjustments to econd bad deis expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.)(Round your Intermediate caloulations amount) to the nearest dollar 1.345434 1346434 Cost of good sol 975,000 Merchandise inventory 975,000 O Bad debls expense 18,300 18,300 669,200 or doubetul accounts 9,869 ,869 O Prepare joumal entries to recond Lng's 2013 summarined transactions and ts 3 4 5 6 8 aps lock