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: Prepare Journal entries to record Liang's 2016 2017 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the prepetual inventory system and it applies the allowance method for its accounts receivable) (Round to nearest dollar amount) | a.) Sold $1,345 434 of merchandise (that had cost $975,000) on credity terms 1/30 b) Wrole off $18,300 of uncollectable accounts receivable c.) Received $669, 200 cash in payment of accounts receivable d.) In adjusting accounts on December 31, - the company estimated that 1.5% of accounts receivable will be uncollectible - 2016 Transaction General Journal Debit Credit Poiz e) Sold $1,525, 634 of merchandise on credit (that had cost $1,250,000), terms 1/30 f) Wrote off $27,800 of uncollectible accouns receiveable g.) received $1,204, 600 cash in payment of accounts receivable this in adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be incollect ble 2017 Transactions General Journal - - sales Sales Discount Options: - Actts Payable 1- Acets. Receivable - Allowance for doubtful Aucts. 1- Bad Debts Expense 1- (Cash - Cash of good sold |- Credit Card expense - Factoring Fee Expense - Interest Receivable - Interest Revence 1-Merch. Inventory