Apr. 2. Sold merchandise on account to Peking Palace Co., $36,730. The cost of the goods sold was $25,310. June 9. Received $11,950 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 $24,780 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. GENERAL JOURNAL Page
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,730. The cost of the goods sold was $25,310. June 9. Received $11,950 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 $24,780 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. GENERAL JOURNAL Page
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section11.2: Recording Sales Transactions Using A General Journal
Problem 1WT
Related questions
Question
![Chapter 8-Receivables
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,730. The cost of the
goods sold was $25,310.
June 9.
Oct. 31.
Reinstated the account of Peking Palace Co. that had been written off on June 9
and received $24,780 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.
1
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1
Received $11,950 from Peking Palace Co. and wrote off the remainder owed on
the sale of April 2 as uncollectible.
Date
GENERAL JOURNAL
Description
Post
ref
I
Page 7
Debit
Page
Credit
1
2
3
4
5
6
7
8
9
10
11
12
13
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15
16
On January 1, the Allowance for Doubtful Accounts had a balance of $10,000. December 31
Accounts Receivable balance = $1,000.000. Sales for the year = $15,000,000. Calculate the bad
debt expense and the balance in the allowance account using the following assumptions:
Receivables method: 2%
% of Sales: 1%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e4e5146-969d-4643-8e1a-977cd9815aba%2F416179ee-7e8c-4740-8087-a7339b583427%2Fxd1gemj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Chapter 8-Receivables
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,730. The cost of the
goods sold was $25,310.
June 9.
Oct. 31.
Reinstated the account of Peking Palace Co. that had been written off on June 9
and received $24,780 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.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1
Received $11,950 from Peking Palace Co. and wrote off the remainder owed on
the sale of April 2 as uncollectible.
Date
GENERAL JOURNAL
Description
Post
ref
I
Page 7
Debit
Page
Credit
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
On January 1, the Allowance for Doubtful Accounts had a balance of $10,000. December 31
Accounts Receivable balance = $1,000.000. Sales for the year = $15,000,000. Calculate the bad
debt expense and the balance in the allowance account using the following assumptions:
Receivables method: 2%
% of Sales: 1%
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