Reference no: EM131038860
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 Sold $1,348,000 of merchandise (that had cost $977,300) on credit, terms n/30. Sold $1,348,000 of merchandise (that had cost $977,300) on credit, terms n/30.
b. Wrote off $21,700 of uncollectible accounts receivable.
c. Received $673,500 cash in payment of accounts receivable.
d. In adjusting the accounts on December 31, the company estimated that 1.00% of accounts receivable will be uncollectible. 2011
e. Sold $1,509,900 of merchandise (that had cost $1,319,100) on credit, terms n/30.
f. Wrote off $34,500 of uncollectible accounts receivable.
g. Received $1,160,200 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 1.00% 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 your intermediate calculations and final answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)
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