Problem 9-4A 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 receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,300 of merchandise (that had cost $977,600) on credit, terms n/30. b. Wrote off $20.400 of uncollectible accounts receivable. c. Received $668.600 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.30% of accounts receivable would be uncollectible. Year 2 e. Sold $1,547,700 of merchandise (that had cost $1.290,300) on credit, terms n/30. f. Wrote off $32.800 of uncollectible accounts receivable. 9. Received $1.261,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.30% 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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.) Show less No Transaction General Journal Debit Credit eft) Accounts receivable 1,547,70 Sales 1,547.70 1 2 e(2) Cost of good sold Merchandise inventory ES 1,290,31 1,290,30 f. 32,601 Allowance for doubtful accounts Accounts receivable CC 32,800 4 1,261,20 Cash Accounts receivable 1,261,20 Ssss 5 h. Bad debts expense Allowance for doubtful accounts 18.234 x 18,234 (JE Year 1