Liang Company began operations on January 1, 2017. 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. 2017 a. Sold $1,347.500 of merchandise (that had cost $980,200) on credit, terms n/30. b. Wrote off $19,300 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 2.50% of accounts receivable will be uncollectible. 2018 e. Sold $1.529.900 of merchandise on credit (that had cost $1,310.700). terms n 30. f. Wrote off $30.800 of uncollectible accounts receivable 9. Received $1.131.600 cash in payment of accounts receivable h. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible Required: Prepare journal entries to record Liang's 2017 and 2018 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. Saved Help Save & Exit JE 2017 JE 2018 Prepare journal entries to record Liang's 2018 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Sold $1,529,900 of merchandise on credit, terms n/30. Note: Enter debits before credits Transaction General Journal Debit Credit Help Save & E JE 2017 JE 2018 Prepare journal entries to record Liang's 2018 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Record cost of goods sold, $1,310,700. Note: Enter debits before credits General Journal Debit Credit Transaction e 2) Nav Saved JE 2017 JE 2018 Help Save & Exit Prepare journal entries to record Liang's 2018 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.) View transaction list Journal entry worksheet