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Problem $7-4$A $($Algo$)$ Accounts receivable transactions and bad debts adjustments LO C$1,$ P$2,$ P$3$

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 $$1,353,400$ of merchandise on credit $($that had cost $$983,100),$ terms $\frac{n}{30}.$

b$.$ Wrote off $$19,200$ of uncollectible accounts receivable.

c$.$ Received $$672,800$ cash in payment of accounts receivable.

d$.$ In adjusting the accounts on December $31,$ the company estimated that $2\mathrm{.}90\%$ of accounts receivable would be uncollectible.

Year $2$

e$.$ Sold $$1,537,300$ of merchandise $($that had cost $$1,319,700)$ on credit, terms $\frac{n}{30}.$

f$.$ Wrote off $$28,400$ of uncollectible accounts receivable.

g$.$ Received $$1,331,900$ cash in payment of accounts receivable.

h$.$ In adjusting the accounts on December $31,$ the company estimated that $2\mathrm{.}90\%$ 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.$)$

Note: Round your intermediate calculations to the nearest dollar.

Complete this question by entering your answers in the tabs below.

Journal Entry

Year $1$

Journal Entry

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.$)$

Journal entry worksheet

Sold $$1,353,400$ of merchandise on credit, terms $\frac{n}{30}.$

Note: Enter debits before credits.