Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q7 need this done asap. please help me with the pr

Q7 Need this done asap. Please help me with the proper solutions. Thanks in advance....

70.2K

Verified Solution

Question

Accounting

Q7

Need this done asap. Please help me with the proper solutions. Thanks in advance.

image

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, $19,500. The cost of goods sold was $14,000. Sept. 30 Received $4,300 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 $15,200 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 II II III II II II II III II II Dec. 7-reinstate Dec. 7-collection

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students