Entries for Uncollectible Receivables, using Alowance Method1. EX.08.01Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of2 EX 08.02 ALGOaccounting for uncollectible recelvables:3. EX.08.03 ALGOMay 24 Sold merdchandise on account to Old Town Cafe, $10,200. The cost of goods sold was $7,300.Sept. 30 Received $3,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible.4. EX.08.04 ALGODec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $7,200 cash in full payment.5. EX.08.06 ALGOIf an amount box does not require an entry, leave it blank.Accounts Receivable-old Town Cafe6. EX 08.07May 24-sale7. EX.08.20 ALGOSales v8. PRO8.02A BLANKSHEETCost of Goods Sold vInventory vMay 24-costSept. 30CashAllowance for Doubtful AccountsAccounts Receivable-old Town Cafe vDec. 7-reinstate Accounts Receivable-old Town CafeCheck My Work(PreviousNext>Progress: 4/8 items 1. EX 08 01Cost of Goods SoldMay 24-cost2. EX 08 02 ALGOInventory3. EX 08 03 ALGOSept. 30Cash4. EX 08 04 ALGOAllowance for Doubtful Accounts v5. EX08.06 ALGOAccounts Receivable-Old Town CafeDec. 7-reinstate Accounts Recelvable-Old Town Cafe vAllowance for Doubtful Accounts6. EX 08 077. EX 08 20 ALGO8. PR.08.02A BLANKSHEETDec. 7-collection CashAccounts Receivable-Old Town CafeFeehTChe My WWhen a customers account is identited as uncolectible, Eis writen of against the alowance accountIn such cases where an account receivable that has been writen off is later collected, the account is reinstated. Then record the payment for the accountCheck My WorkPreviousNext>Progress: 4/a items

Journal entry shows the recording of each transaction in the books of accounts of the firm. Every…

Entries for Uncollectible Recelvables, using Alowance Method Journalze the folloning transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allonance method of accounting for uncolectible recelvables: May 24 Sold merchandise on account to Old Town Cafe, S0,200. The cost of goods sold was $7,300. Sept. 30 Recelved s3,000 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 recelved $7,200 cash in full payment. an amount box does not require an entry, leave k blank.

Entries for Uncollectible Recelvables, using Alowance Method Journalze the folloning transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allonance method of accounting for uncolectible recelvables: May 24 Sold merchandise on account to Old Town Cafe, S0,200. The cost of goods sold was $7,300. Sept. 30 Recelved s3,000 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 recelved $7,200 cash in full payment. an amount box does not require an entry, leave k blank.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1OYO

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Journalize the following transactions in the accounts of Heaven Interiors Company,arestaurant supply company that uses the allowance method of accounting foruncollectible receivables:May 1. Sold merchandise on account to Beijing Palace Co,$18,900. The cost of themerchandise sold was $11,200.Aug 30.Received $8,000 from Beijing Palace Co. and wrote off the remainder owed onthe sale of May 1 as uncollectible.Dec 8.Reinstated the account of Benjing PalaceCo.that had be written off on August 30and received $ 10,900 cash in full payment.
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