Problem 7-4A Accounts receivable transactions and bad debts adjustments LO c1, P2, P3 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 recelvable collections, and bad debts. These transactions are summarized as follows. 2016 a. Sold $1,352,900 of merchandise (that had cost $976,000) on credit, terms n/30 b. Wrote off $21,200 of uncollectible accounts receivable. c. Recelved $673,500 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable will be uncollectible. 2017 e. Sold $1,590,300 of merchandise (that had cost $1.282.300) on credit, terms n/30 f. Wrote off $26,800 of uncollectible accounts receivable g. Received $1104.400 cash in payment of accounts receivable h In adjusting the accounts on December 31, the company estimated that 1.50% 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 2017 JE 2016 Prev 9 of 9E Next