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. T These transactions are summarized as follows 2016 a. Sold $1,348,000 of merchandise (that had cost $978,100) on credit, terms n/30 b. Wrote off $18,900 of uncollectible accounts receivable. c. Received $670,700 cash in payment of accounts receivable d. In adjusting the accounts on December 31, the company estimated that 220% of accounts receivable will be uncollectible 2017 e. Sold $1,562,700 of merchandise (that had cost $1,266,400) on credit, terms n/30 f. Wrote off $27,600 of uncollectible accounts receivable g. Received $1,228,000 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 2.20% 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 intermediete calculations to the nearest dollar amount.) Complete this question by entering your answers in the tabs below JE 2016 JE 2017