Lopez company began operations on january 1 2010 during its

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Reference no: EM13608212

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 $1,345,600 of merchandise (that had cost $979,400) on credit, terms n/30.
b. Wrote off $19,300 of uncollectible accounts receivable.
c. Received $667,500 cash in payment of accounts receivable.
d. In adjusting the accounts on December 31, the company estimated that 1.10% of accounts receivable will be uncollectible.

2011
e. Sold $1,545,000 of merchandise (that had cost $1,259,800) on credit, terms n/30.
f. Wrote off $32,800 of uncollectible accounts receivable.
g. Received $1,171,400 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 1.10% 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.

Reference no: EM13608212

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