Apr. | 2. | Sold merchandise on account to Peking Palace Co., $36,000. The cost of the merchandise sold was $23,540. |
June | 9. | Received $10,380 from Peking Palace Co. and wrote off the remainder owed on the sale of April 2 as uncollectible. |
Oct. | 31. | Reinstated the account of Peking Palace Co. that had been written off on June 9 and received $25,620 cash in full payment. |
Journalize the above transactions in the accounts of Dining Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,000. The cost of the merchandise...
May 1. Sold merchandise on account to Beijing Palace Co., $36,010. The cost of the merchandise sold was $22,050. Aug. 30. Received $11,500 from Beijing Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Beijing Palace Co. that had been written off on August 30 and received $24,510 cash in full payment. Required: Journalize the above transactions in the accounts of Sedona Interiors Company, a restaurant supply...
1. Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $16,590. The cost of the goods sold was $9,660. June 2 Received $4,010 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $12,580 cash in full payment. Journalize the above transactions in the accounts of Canyon River Medical Co., a medical...
Please help. Read the information. May 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of the goods sold was $22,050 Sept. 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors...
help me please. 31 Journalize the following transactions using the allowance method of account Apr Sold merchandise on account to Jim Dobbs, 57.200. The cost of the mer June to Received payment for one-third of the receivable from Jim Dobbs and wrote using the allowance method of accounting for uncollectible receivables. The cost of the merchandise is $5,400. olvable from Jim Dobbs and wrote of the remainder Oct. 11 Reinstated the account of Jim Dobbs and received cash in full...
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. Sept. 30 Received $6,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,450 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that...
IN-CLASS ASSIGNMENTS NOVEMBER 6, 2019 Journalize the following transactions in the accounts of Diners Interiors, a restaurant supply company that uses the Allowance Method of accounting for uncollectable receivables: a) On April 2, sold merchandise on account to Peking Palace Company for $41.900 The cost of merchandise sold was $24,850 b) On June 9, received from Peking Palace $10,000 payment on account and wrote off the remainder owed on the sale of April 2 as uncollectable c) On October 31...
Obj. 4 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Sept. 30. Received $9,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,410. The cost of the merchandise is $3,705. April 1 April 1 June 10 Received $2,470 from Jim Dobbs and wrote off the remainder owed of $4,940. If amount box does not require an entry, leave it blank or enter "O". June 10 Oct. 11 Reinstated the account of Jim Dobbs and received $4,940 cash in full payment....
EX 8-4 Entries for uncollectible receivables, using allowance method Obj. 4 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: SHOW ME HOW May 24. Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Sept. 30. Received $9,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account...
Class: Date ACCT 230 Spring 2020 Chapter 6 Part Ilin-Class Handout 1. The following journal entries would be used in one of the two methods of accounting for uncollectible receivables. Identify each. (a) 900 900 Bad Debt Expense Accounts Receivable Billings (b) Allowance for Doubtful Accounts Accounts Receivable Grover 900 00 2. Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of...