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.2017a. Sold $1,347,100 of merchandise (that had cost $983,600) on credit, terms n/30.b. Wrote off $21,100 of uncollectible accounts receivable. c. Received $667,400 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.2018e. Sold $1,501,200 of merchandise on credit (that had cost $1,291,000), terms n/30.f. Wrote off $28,100 of uncollectible accounts receivable. g. Received $1,282,100 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:1. Prepare Journal entries to record Liang's 2017 and 2018 summarized transactions and its year-end adjustments to record bad debts expense.2. Prepare Journal entries to record Liang's 2017 summarized transaction and its year-end adjustment to record bad debts expenses.3. Prepare Journal entries to record Liang's 2018 summarized transactions and its year-end adjustments to record bad debts expense.