Liang Company began operations on January 1, 2016. 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.

Liang Company began operations on January 1, 2016. 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. 2016 a. Sold $1,352,700 of merchandise (that had cost $975,200) on credit, terms n/30 b. Wrote off $21,500 of uncollectible accounts receivable c. Received $668,700 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable will be uncollectible 17/20 points awarded Scored 2017 e. Sold $1,549,100 of merchandise (that had cost $1,346,500) on credit, terms n/30. f. Wrote off $28,700 of uncollectible accounts receivable g. Received $1,231,700 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable will be uncollectible Required Prepare journal entries to record Liang's 2016 and 2017 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 amount.) Complete this question by entering your answers in the tabs below JE 2016 E 2017 Prepare journal entries to record Liang's 2016 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.) No Transaction General Journal Debit Credit Accounts receivable 1,352,700 Sales 1,352,700 Cost of good sold 975,200 Merchandise inventory 975.200 Bad debts expense 21,500 Accounts receivable 21,500 668,700 C. Accounts receivable 668,700 Bad debts expense 69,498 Accounts receivable 69,498