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Problem 9-4A (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 collectons, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,345,700 of merchandise on credit (that had cost $976,000 ), terms n/30. b. Wrote off $20,000 of uncollectible accounts receivable. c. Recelved $672,400 cash in payment of accounts recelvable. d. In adjusting the accounts on December 31 , the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 e. Sold $1,523,800 of merchandise (that had cost $1,293,500 ) on credit, terms n/30. f. Wrote off $26,100 of uncollectible accounts receivable. 9. Received $1,147,700 cash in poyment of accounts recelvable. h. In adjusting the accounts on December 31 , the company estimated that 1.60% of accounts recelvable 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 receivabie.) (Round your intermediate calculations to the nearest dollar.)