Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Beijing Palace Co., $12,200. The cost of the merchandise sold was $8,800. Aug. 30. Received $3,400 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 $8,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. May 1-sale May 1-cost Aug. 30 Dec. 8-reinstated 0 0000 0 0000 0

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Chapter1: Financial Statements And Business Decisions
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Entries for Uncollectible Receivables, using Allowance Method
Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible
receivables:
May 1. Sold merchandise on account to Beijing Palace Co., $12,200. The cost of the merchandise sold was $8,800.
Aug. 30. Received $3,400 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 $8,800 cash in full payment.
For a compound transaction, if an amount box does not require an entry, leave it blank.
May 1-sale
May 1-cost
Aug. 30
Dec. 8-reinstated
0000 0
Transcribed Image Text:Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Beijing Palace Co., $12,200. The cost of the merchandise sold was $8,800. Aug. 30. Received $3,400 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 $8,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. May 1-sale May 1-cost Aug. 30 Dec. 8-reinstated 0000 0
For a compound transaction, if an amount box does not require an entry, leave it blank.
May 1-sale
May 1-cost
Aug. 30.
Dec. 8-reinstated
Dec. 8-collection
Transcribed Image Text:For a compound transaction, if an amount box does not require an entry, leave it blank. May 1-sale May 1-cost Aug. 30. Dec. 8-reinstated Dec. 8-collection
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