Oppong Corporation began operations on January 1, 2013. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections and bad debts. Prepare journal entries to record Oppong Corporation's 2013 and 2014 summarized transactions and the adjusting entries to record bad debt expense at the end of each year (December 31). Enter the letter of the transaction as the description for the journal entry. Dates must be entered in the format dd/mmm (ie. 15/Jan). T-Accounts have been provided for your calculations, but will not be marked. The transactions are summarized as follows (assume a perpetual inventory system): 2013 a. February 18: Oppong Corporation's merchandise was sold to X-cell Inc. for $778,000 under credit terms of n/30, FOB destination. The cost of the merchandise was $608,000. b. June 10: $18,000 of uncollectible accounts receivable were written off. c. December 8: Received cash of $520,000 in payment of outstanding accounts receivable. d. December 31: In adjusting the accounts on December 31, concluded that 2% of the outstanding accounts receivable would become uncollectible. General Journal Account/Explanation Page Gj1 F Debit Credit Date Accounts Receivable Allowance for Doubtful Accts 2014 a. April 20 : Oppong Corporation's merchandise that cost $768,000 was sold to X-cell Inc. for $976,000 under credit terms of n/30, FOB destination. b. August 2: Wrote off uncollectible accounts receivable in the amount of $16,000. c. December 23: Received cash of $210,000 in payment of outstanding accounts receivable. d. December 31: In adjusting the accounts on December 31, concluded that 2% of the outstanding accounts receivable would become uncollectible. Date General Journal Account/Explanation F Page Gj1 Debit Credit Accounts Receivable Allowance for Doubtful Accts