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 uses the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
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Journalize the transactions in the accounts of Zippy 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.
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DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY |
May 24 | Accounts Receivable-Old Town Café | $18,450 | -- | ||||
Sales | $18,450 | -- | |||||
May 24 | Cost of goods sold | $11,000 | -- | ||||
Inventory | $11,000 | -- | |||||
Sept. 30 | Cash | $6,000 | -- | ||||
Allowance for Doubtful Accounts | $12,450 | -- | |||||
Accounts Receivable-Old Town Café | $18,450 | -- | |||||
Dec. 7 | Accounts Receivable-Old Town Café | $12,450 | -- | ||||
Allowance for Doubtful Accounts | $12,450 | -- | |||||
Cash | $12,450 | -- | |||||
Accounts Receivable-Old Town Café | $12,450 | -- |
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold...
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