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.

cant figure out 5d and 5h

2017

sold $1,351,400 of merchandise (that had cost $983,100) on credit, terms n/30.

wrote off $18,700 of uncollectible accounts receivable.

received $674,100 cash in payment of accounts receivable.

in adjusting the accounts on december 31, the company estimated that 2.00% of accounts receivable will be uncollectible.

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)