Entries for uncollectible receivables, using allowance method 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, $11,000. The cost of goods sold was $7,900. Sept. 30. Received $2,200 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 $8,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection 00 00 00 00 00 00 00 000 00

Entries for uncollectible receivables, using allowance method 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, $11,000. The cost of goods sold was $7,900. Sept. 30. Received $2,200 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 $8,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection 00 00 00 00 00 00 00 000 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During the second half of December 20-1, TJ’s Specialty Shop engaged in the followingtransactions:Dec. 16 Received payment from Lucy Greene on account, $1,960.16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8.Sale No. 640.17 Returned merchandise to Evans Essentials for credit, $150.18 Issued Check No. 813 to Evans Essentials in payment of December 1balance of $1,250, less the credit received on December 17.19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31.Sale No. 641.22 Received payment from John Dempsey on account, $1,560.23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies)24 Purchased merchandise on account from West Wholesalers, $1,200.Invoice No. 465, dated December 24, terms n/30.26 Purchased merchandise on account from Nathen Co., $800.Invoice No. 817, dated December 26, terms 2/10, n/30.27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for themonth of December, $630.27 Sold merchandise on…
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Jan. 30. Sold merchandise on account to Jane Doe, $80,000. The cost of the merchandise sold was $45,000. June 3. Received $48,000 and wrote off the remainder owed on the sale of January 30 as uncollectible. Nov. 27. Reinstated the account that had been written off on June 3 and received cash in full payment.
On February 16th, Gates Gems received merchandise that was purchased on account from Gem Warehouse in the amount of $10,000. Half of the merchandise was damaged and they returned the damaged merchandise and kept the rest. What is the journal entry to record this transaction? Debit Accounts Receivable/Gem Warehouse, 10,000; credit Purchases Returns and Allowances, $10,000 Debit Accounts Payable/Gem Warehouse, $5,000; credit Purchases Returns and Allowances, $5,000 Debit Accounts Receivable/Gem Warehouse, $10,000; credit Purchases, $10,000 O Debit Accounts Receivable/Gem Warehouse, $5,000; credit Purchases $5,000
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. If an amount box does not require an entry, leave it blank. April 1 fill in the blank c7ab520baffdfe1_2 fill in the blank c7ab520baffdfe1_3 fill in the blank c7ab520baffdfe1_5 fill in the blank c7ab520baffdfe1_6 April 1 fill in the blank c7ab520baffdfe1_8 fill in the blank c7ab520baffdfe1_9 fill in the blank c7ab520baffdfe1_11 fill in the blank c7ab520baffdfe1_12 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 fill in the blank b9ef56fd905ffac_2 fill in the blank b9ef56fd905ffac_3 fill in the blank b9ef56fd905ffac_5 fill in the blank b9ef56fd905ffac_6 fill in the blank b9ef56fd905ffac_8 fill in the blank…
Please do not give solution in image format thanku
Entries for Uncollectible Receivables, using Allowance Method 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, $15,700. The cost of goods sold was $11,300. Sept. 30 Received $3,500 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 $12,200 cash in full payment. If an amount box does not require an entry, leave it blank.
Entries for uncollectible receivables, using allowance method 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, $16,400. The cost of goods sold was $11,800. Sept. 30. Received $3,600 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 $12,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 ll Dec. 7-reinstate Dec. 7-collection
Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,000. The cost of goods sold was $24,300. June 2 Received $11,300 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 $33,700 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $47,300. The cost of the merchandise sold was $25,500. July 7. Received $11,800 from Dr. Sindair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $35,500 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection
On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,65O. Smart uses the perpetualinventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash 1,650 Accounts receivable 1,650 Cash 2,400 Accounts receivable 2,400 Cash 2,320 Sales discounts pe here to search 5:00 PM 6% 3/7/2022
Please do not give solution in image format thanku
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $37,600. The cost of the merchandise sold was $20,300. July 7. Received $8,600 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $29,000 cash in full payment. If an amount box does not require an entry, leave it blank.