there are two parts to this question

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 $1,347,500 of merchandise (that had cost $979,100) on credit, terms n/30. b. Wrote off $19,200 of uncollectible accounts receivable. c. Received $667,100 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Year 2 e. Sold $1,524,300 of merchandise (that had cost $1,253,100) on credit, terms n/30. f. Wrote off $28,500 of uncollectible accounts receivable. g. Received $1,345,900 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.90% 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 adjustments (The company uses the perpetual inventory system and it applies the allowance method for its accounts View transaction list Journal entry worksheet 1 2 3 4 5 > Sold $1,347,500 of merchandise on credit, terms n/30. Note: Enter debits before credits. Transaction General Journal Debit Credit a(1) Accounts receivable Record entry Clear entry View general journal Year JE Year 2 > JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments to (The company uses the perpetual inventory system and it applies the allowance method for its accounts View transaction list Journal entry worksheet 2 3 Record cost of goods sold, $979,100. Note: Enter debits before credits. General Journal Debit Credit Transaction a(2) Record entry Clear entry View general journal JE Year 2 > JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments (The company uses the perpetual inventory system and it applies the allowance method for its accounts View transaction list Journal entry worksheet JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 1 summarized transactions and its year-end adjustments (The company uses the perpetual inventory system and it applies the allowance method for its account View transaction list Journal entry worksheet JE Year 1 JE Year 2 Prepare journal entries to record Liang's Year 2 summarized transactions and its year-end adjustments (The company uses the perpetual inventory system and it applies the allowance method for its account View transaction list Journal entry worksheet In adjusting the accounts on December 31, the company estimated that 2.90% of accounts receivable would be uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit h. Record entry Clear entry View general journal