Lopez Company began operations on January 1, 2010. During its first two years, the company completed


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Lopez Company began operations on January 1, 2010. During its first two years, the company completed 1 answer below » 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 View complete question » 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 $1,160,200 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.00% of accounts receivable will be uncollectible.    Required: Prepare journal entries to record Lopez’s 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system.) (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response.) View less » Feb 02 2016 12:58 PM

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