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katrin2010 [14]
3 years ago
12

Journalize the following transactions in the accounts of Sedona Interiors Company, a restaurant supply company that uses the all

owance method of accounting for uncollectible receivables:
May 1. Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold was $11,200.
Aug. 30. Received $8,000 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 $10,900 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
Vaselesa [24]3 years ago
6 0

Answer:

The journal entries are made below;

Explanation:

May 1. Account Receivable-Beijing Palace Co. Dr.$18,900

          Sales Revenue                                         Cr.$18,900

         Cost of Goods Sold       Dr.$11,200

        Inventory Stock              Cr.$11,200

Aug 30.     Cash      Dr.$8,000

               Bad Debt Expense        Dr.$10,900

              A/R-Beijing Palace Co.         Cr.$18,900

Dec 8.  A/R Beijing  Palace   Dr.$10,900

            Bad Debt Expense   Cr.$10,900

          Cash           Dr.$10,900

         A/R Beijing Palace Co. Cr.$10,900

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Explanation:

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The Business Model Canvas value proposition provides a unique combination of products and services which provide value to the customer by resulting in the solution of a problem the customer is facing or providing value to the customer. This is the point of intersection between the product you make and the reason behind the customer’s impulse to buy it. A product can have a single value proposition or multiple value propositions.

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3 years ago
How would recession effect the economic
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Recession cause standard monetary and fiscal effects.

Explanation:

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6 0
3 years ago
Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserv
dlinn [17]

Answer:

Change in Excess Reserves $1,350,000

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Explanation:

Preparation of the table to show the effect of a new deposit on excess and required reserves

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Therefore the effect of a new deposit on excess and required reserves will be:

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3 years ago
Mofro's Computer Repair Shop started the year with total assets of $270,000 and total liabilities of $180,000. During the year,
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Answer:

$200,000

Explanation:

As we know that

The net income is the income that is generated when we deduct all expenses incurred from all revenues generated that is reflected on the income statement  

In mathematically,  

Net income = Revenues earned - expenses incurred

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3 0
3 years ago
Consider these long-term investment data: • The price of a 10-year $100 par zero-coupon inflation-indexed bond is $84.49. • A re
AleksAgata [21]

Answer:

Annual rate 0.017

Explanation:

Computation of the annual rate on the real bond.

Using this formula

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Therefore the annual rate of return will be 0.017

3 0
3 years ago
Read 2 more answers
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