Problem 7-4A (Algo) Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Llang Company began operations in Year 1. During Its first two years, the company completed a number of transactions involving sales on credit, accounts recelvable collectlons, and bad debts. These transactions are summarlzed as follows. Year 1 a. Sold $1,351,000 of merchandise on credit (that had cost $978,400 ), terms n/30. b. Wrote off $18,400 of uncollectible accounts recelvable. c. Recelved $668,400 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 1.80% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,509,000 of merchandise (that had cost $1,293,100 ) on credit, terms n/30. f. Wrote off $28,900 of uncollectlble accounts recelvable. g. Recelved $1,132,500 cash In payment of accounts recelvable. h. In adjusting the accounts on December 31 , the company estimated that 1.80% of accounts recelvable would be uncollectible. Required: Prepare Journal entrles to record Llang'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 recelvable.) Note: Round your Intermedlate calculatlons to the nearest dollar. Complete this question by entering your answers in the tabs below. Journal entry worksheet 5 Sold $1,351,000 of merchandise on credit, terms n/30. Note: Enter debits before credits