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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 $1,351,100 of merchandise (that had cost $975,700) on credit, terms /30, b. Wrote off $19,000 of uncollectible accounts receivable. c. Received $668,500 cash in payment of accounts receivable, d. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible: Year 2 e. Sold $1,597,700 of merchandise (that had cost $1,348,600) on credit, terms 1/30. 1. Wrote off $30,100 of uncollectible accounts receivable. g. Received $1127,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible Required: Prepare journal entries to record Liong'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.) 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.) Journal entry worksheet 1 2 3 4 5 Sold $1,351,100 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 Journal entry worksheet ON Record cost of goods sold, $975,700. es Note: Enter debits before credits. Transaction General Journal Debit Credit a(2) Record entry Clear entry View general Journal Journal entry worksheet Received $668,500 cash in payment of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal View transaction list Journal entry worksheet > N 4 5 Wrote off $30,100 of uncollectible accounts receivable. Note: Enter debits before credits General Journal Debit Credit Transaction 1. Record entry Clear entry View general Journal View transaction list Journal entry worksheet