Ming company began operations on january 1 2010 during its

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 amounts to the nearest dollar.)
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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