Problem 9-4A 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 $1345,500 of merchandise that had cost $975,200) on credit, terms n/30 b. Wrote off $21.500 of uncollectible accounts receivable c. Received $667800 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be uncollectible Year 2 e. Sold S1552,800 of merchandise (that had cost $1,334,300) on credit, terms n/30. f. Wrote off $28100 of uncollectible accounts receivable g. Received $1144 500 cash in payment of accounts receivable, h. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be uncollectible Required: Prepare journal entries 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 receivable) (Round your intermediate calculations to the nearest dollar) Complete this question by entering your answers in the tabs below. JE Year! 1 Year 2 Prepare journal entries to record Uang's Year 1 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) Viewraction JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 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) View transaction list OK Journal entry worksheet 1 2 3 4 5 > Sold 51,345,500 of merchandise on credit, terms 1/30. Note: Enter debits before credits Transaction General Journal Debit Credit JE Year 1 JE Year 2 Prepare journal entries to record Liana's Year 2 summarized transactions and its year-end adjustments to record bad debts expenses (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) View transaction list Journal entry worksheet