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

Question

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.

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