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 sold $1,354,400 of merchandise (that had cost $981,000) on credit, terms n/30. wrote off $21,600 of uncollectible accounts receivable. received $668,400 cash in payment of accounts receivable. in adjusting the accounts on december 31, the company estimated that 2.60% of accounts receivable would be uncollectible. year 2 sold $1,593,400 of merchandise (that had cost $1,271,600) on credit, terms n/30. wrote off $33,900 of uncollectible accounts receivable. received $1,386,400 cash in payment of accounts receivable. 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 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.)

In ledland, unemployed adults receive government assistance. to reduce unemployment, the government proposes to supplement the income of those who accept jobs that pay less than government assistance, thus enabling employers to hire workers cheaply. however, the supplement will not raise any worker's income above what government assistance would provide if he or she were not gainfully employed. therefore, unemployed people will have no financial incentive to accept jobs that would entitle them to the supplement.which of the following, if true about ledland, most seriously weakens the argument of the editorial? (a) the government collects no taxes on assistance it provides to unemployed individuals and their families.(b) neighboring countries with laws that mandate the minimum wage an employer must pay an employee have higher unemployment rates than ledland currently has.(c) people who are employed and look for a new job tend to get higher-paying jobs than job seekers who are unemployed.(d) the yearly amount unemployed people receive from government assistance is less than the yearly income that the government defines as the poverty level.(e) people sometimes accept jobs that pay relatively little simply because they enjoy the work.