May Sept Dec. 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir 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.

May Sept Dec. 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir 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.

Name: May24 Sold merchandise on account to Old Town Cafe, $36,010. The cost
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Description: May24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050.Sept 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 asuncollectible.Reinstated the account of Old Town Caf

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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