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Journalize transactions in accounts of sedona interiors

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Reference no: EM132489469

Entries for Uncollectible Receivables, using Allowance Method

Question 1: 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., $16,800. The cost of the merchandise sold was $12,100.

Aug. 30. Received $4,200 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 $12,600 cash in full payment.

Reference no: EM132489469

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