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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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$1,000,000

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The Amount to be reported as  lease liability must <em>depict </em>the present value of future cash outflows required to be paid as the entity enjoys its <em>right to use the asset</em>.

Thus, the present value of the minimum lease payments at lease inception was $1,000,000 represents the amount of lease liability.

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The most important difference between for-profit businesses and nonprofit organizations is that:
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The most important difference of the two or between businesses in the profit and nonprofit organizations is that in terms of nonprofit organizations, the organization owners does not make money, while the profit organizations—it makes money for the organizations’ owners.

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3 years ago
An asset was acquired on October 1, 2021, for $78,000 with an estimated five-year life and $13,000 residual value. The company u
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Based on the information given  the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.

Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)

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Depreciation per units= $65,000 ÷ 20,000 units

Depreciation per units= $3.25 per units

Accumulated depreciation=(500 units × $3.25)+( 3,000 units × $3.25)+(3,500 units × $3.25)+( 1,000 units × $3.25)

Accumulated depreciation= $1,625 + $9,750 + $11,375 + $3,250

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Book value= Acquired value of an asset - Accumulated depreciation  

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3 0
2 years ago
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Explanation:

The journal entry is shown below:

(a) Factory Labor/Expenses A/c Dr $103,800

        To Factory wages payable               $91,000

         To Employer payroll taxes payable $7,700

         To Fringe benefits payable              $5,100

(Being labor expenses are recorded)

(b) Direct labor A/c Dr   $87192 ($103,800 × 84%)

    Indirect labor A/c Dr $16,608 ($103,800 × 16%)

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7 0
3 years ago
In the IS–LM model, a decrease in the interest rate would be the result of a(n): increase in government purchases. increase in t
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Answer:

Increase in money supply

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Option - D: As there is an increase in the money supply, the opposite will happen with the money demand. Therefore, it cannot be the answer.

5 0
3 years ago
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