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Ming 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 $1,347,700 of merchandise (that had cost $982,500) on credit, terms n/30.

b. Wrote off $20,676 of uncollectible accounts receivable.
c. Received $671,100 cash in payment of accounts receivable.
d.  In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.

2011


e. Sold $1,517,800 of merchandise (that had cost $1,302,200) on credit, terms n/30.
f. Wrote off $32,624 of uncollectible accounts receivable.
g. Received $1,118,100 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.

 

Required:

Prepare journal entries to record Ming'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 answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M938864

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