Prepare the journal entries to record each of the following items for Aromatics, Inc.
2016 bad debt expense
2016 depreciation expense
2016 cash collections from customers. Assume all sales are on account.
Recognition of deferred revenue during 2017
2017 payment of dividends accrued at 12/31/16
2017 payment of long-term debt
2017 tax refund.

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Aromatics, Inc. Balance Sheets As of December 31 2016 2015 Assets $ 7,157,371 $ 5,859,729 Cash and cash equivalents Accounts receivable, less allowance for doubtful accounts 2016 - $696,798; 2015 - $543,686 4,291,470 5,198,223 Notes receivable 359,493 357,360 Tax refund receivable 172,945 160,890 Inventories 5,358,333 4,949,634 Prepaid expenses 318,275 316,378 Total current assets 17,657,887 16,842,214 Property & equipment, net of accumulated depreciation 2016 - $12,029,536, 2015 - $11,496,791 14,797,536 16,488,198