Year 1 a. Sold $1,354,900 of merchandise (that had cost $980,900) on credit, terms n/30. b. Wrote off $19,500 of uncollectible accounts receivable. C. Received $671,800 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 e. Sold $1,567,000 of merchandise (that had cost $1,348,100) on credit, terms n/30. f. Wrote off $29,300 of uncollectible accounts receivable. g. Received $1,139,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.60% 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 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 Journal entry worksheet 1 2 3 4 5 Sold $1,354,900 of merchandise on credit, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal JE Year 1 JE Year 2 Prepare journal entries to record Liang's 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.) View transaction list Journal entry worksheet