Problem 7.4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 $1.349.800 of merchandise that had cost $981.400) on credil terms/30 b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 150% of accounts receivable would be uncollectible. Year 2 e. Sold $1.531.700 of merchandise (that had cost $1,347,500 on credil terms n30 f. Wrote off $34,400 of uncollectible accounts receivable 9. Received $1228.900 cash in payment of accounts receivable h. In adusting the accounts on December 31, the company estimated that 150% 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.) Round your intermediate calculations to the nearest dollar.) JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustmer (The company uses the perpetual inventory system and it applies the allowance method for its accou View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,349,800 of merchandise on credit, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjus (The company uses the perpetual inventory system and it applies the allowance method for its a View transaction list Journal entry worksheet