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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 $1,346,800 of merchandise on credit (that had cost $982,600 ), terms n/30. b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $669,400 cash in payment of accounts receivable. d. In adjusting the accounts on December 31 , the company estimated that 2.60% of accounts recelvable would be uncollectible. Year 2 e. Sold $1,574,200 of merchandise (that had cost $1,280,100 ) on credit, terms n/30. i. Wrote off $30,600 of uncollectible accounts recelvable. 9. Received $1,361,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31 , the company estimated that 2.60% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transoctions 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 recelvable.) Note: Round your intermediate calculations to the nearest dollar. repare journal entries to record Lang's Year 1 summarized transactions and its year-end adjustments to record bad debts expense. The company uses the perpetual imventory system, and it applies the allowance method for its accounts recelvable.)

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