lopez company began operations january 1 2010 and it estimates uncollectible accounts using

Lopez Company began operations on January 1, 2010, and it estimates uncollectible accounts using the allowance method. 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 $1,350,500 of merchandise (that had cost $979,900) on credit, terms n/30.
b.	Wrote off $18,600 of uncollectible accounts receivable.
c.	Received $669,600 cash in payment of accounts receivable.
d.	In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.

*2011*
e.	Sold $1,563,600 of merchandise (that had cost $1,294,500) on credit, terms n/30.
f.	Wrote off $27,500 of uncollectible accounts receivable.
g.	Received $1,192,700 cash in payment of accounts receivable.
h.	In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.

Required:

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

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