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 receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,347,500 of merchandise on credit (that had cost $975,500 ), terms n/30. b. Wrote off $19,200 of uncollectible accounts recelvable. c. Received $673,200 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 2.60% of accounts recelvable would be uncollectible. Yeor 2 e. Sold \$1,557,100 of merchandise (that had cost $1,323,500 ) on credit, terms n/30. f. Wrote off $26,900 of uncollectible accounts receivable, g. Recelved $1,152,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 2.60% of accounts recelvable 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 applles the allowance method for its accounts recelvable.) Note: Round your intermediate calculations to the nearest dollar