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a$.$ Sold $$1,345,300$ of merchandise on credit $($that had cost $$975,200),$ terms $\frac{n}{30}.$

b$.$ Wrote off $$21,800$ of uncollectible accounts receivable.

c$.$ Received $$665,100$ cash in payment of accounts receivable.

d$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}70\%$ of accounts receivable would be uncollectible.

Year $2$

e$.$ Sold $$1,563,700$ of merchandise $($that had cost $$1,273,500)$ on credit, terms $\frac{n}{30}.$

f$.$ Wrote off $$34,000$ of uncollectible accounts receivable.

g$.$ Received $$1,129,100$ cash in payment of accounts receivable.

h$.$ In adjusting the accounts on December $31,$ the company estimated that $1\mathrm{.}70\%$ 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.

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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

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