Resizing a photo for photo contest?

Thinking about entering a small local photo contest, and I came to this requirement:

Photographs submitted for entry must meet the following requirements: (i) photographs must not
exceed 700 KB at 72 ppi (ideally images should be between 1000 and 1800 pixels on the longest side)...

When I try to resize my image in photoshop, I select 72 ppi (original file says 300 ppi) and the file is reduced to 441 x 661 and 854KB (down from 1837 x 2756 and 14.5MB). I must be doing something wrong. I am still too large for the 700 KB limit yet nowhere near the "1000-1800 pixels on the longest side" that the contest recommends. What should I do?

Thanks!

It is strange, everything works for me. Try to find a video on youtube how to fix it.