Liang Company began operations on January 1, 2016. During its first two years, the company completed number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows 2016 a. Sold $1,353,900 of merchandise (that had cost $981,200) on credit, terms n/30 b. Wrote off $20,300 of uncollectible accounts receivable c. Received $672,900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts recelvable will be uncollectible. 2017 e. Sold $1,562,000 of merchandise (that had cost $1,309,800) on credit, terms n/30. f. Wrote off $31,800 of uncollectible accounts receivable. g. Received $1,377,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable will be uncollectible Required: Prepare journal entries to record Liangs 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 receiva ble.) (Round your intermed iate calculations to the nearest dollar amount.) Complete this question by entering your answers In the tabs below.

UN WOLLUITEC of incorrect for the work you have completed so far. It does not indicate com 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 $1,353,900 of merchandise (that had cost $981.200) on credit, terms 1/30. b. Wrote off $20,300 of uncollectible accounts receivable. C. Received $672.900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable will be uncollectible. 2017 e. Sold $1,562,000 of merchandise (that had cost $1,309,800) on credit, terms 1/30. f. Wrote off $31,800 of uncollectible accounts receivable. 9. Received $1,377,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.30% 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. JE 2016 JE 2017 Prepare Journal entries to record Liang's 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.) Credit General Journal No Transaction Debit 1,562,000 e(1) 1.562 000 Accounts receivable Sales ang An vulla Uus 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. JE 2016 JE 2017 Prepare journal entries to record Liang's 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.) No Transaction (1) General Journal Credit Accounts receivable Sales Debit 1,562,000 1,562,000 e(2) 1,309,800 Cost of good sold Merchandise inventory 1,309.800 31,800 Allowance for doubtful accounts Accounts receivable 31,800 1,377,400 Cash Accounts receivable 1,377.400 h. 23,044 Bad debts expense Allowance for doubtful accounts 23,044 JE 2017 JE 2016