Prepare journal entries to record lopez 2010 transactions

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Reference no: EM13536709

Lopez Company began operations on January 1, 2010. 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.

2010

a. Sold $1,803,750 of merchandise (that had cost $1,475,000) on credit, terms n/30.

b. Wrote off $20,300 of uncollectible accounts receivable.

c. Received $789,200 cash in payment of accounts receivable.

d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible.

2011

e. Sold $1,825,700 of merchandise (that had cost $1,450,000) on credit, terms n/30.

f. Wrote off $28,800 of uncollectible accounts receivable.

g. Received $1,304,800 cash in payment of accounts receivable.

h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible.

Required

Prepare journal entries to record Lopez's 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round amounts to the nearest dollar.)

Reference no: EM13536709

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