1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marishachu [46]
2 years ago
15

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., $19,900. The cost of the merchandise sold was $14,300. 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 $15,700 cash in full payment.
Business
1 answer:
svp [43]2 years ago
4 0

Answer:

Accounts Receivables 19900 debit

Sales Revenues  19900 credit

--to record sale--  

COGS  14300 debit

Inventory  14300 credit

--to record COGS of the previous sale--    

Cash    4,200 debit

Accounts Receivables 4,200 credit

--to record colelction from Beijing Palace Co--

Allowance for doubtful accounts 15,700 debit

                Accounts Receivables      15,700 credit

--to record the write-off using allowance method--

Accounts Receivables      15,700 debit

      Allowance for doubtful accounts 15,700 credit

--to record reversal when payment is received--

Cash   15,700 debit

       Accounts receivables 15,700 credit

--to record collection from Beijing Palace Co--

Explanation:

We write-off the blaance of the account

19,900 - 4,200 = 15,700

Then, we have to reverse the entry to nulify it. Then we record the colelction like any other.

You might be interested in
Pollution and raw material shortages constitute immediate threats to some firms buy are often opportunities for other firms. The
castortr0y [4]

Answer:

Yes

Explanation:

  1. Competitors will have to find out other options on recycling materials what opens opportunities for the recycling and and other green industry. like recycling Aluminium is cheaper than producing it from Bauxite, for example.
  2. Shortage of raw material and pollution costs will change another macro environment factor as legal and political forces. What definitely changes the strategy for these companies. This can also be challenging since it may add other unplanned costs for each company.
7 0
3 years ago
Alpha and Beta, two small economies, can produce cheese or butter with the same resource, raw milk. Assuming constant opportunit
stiks02 [169]

Answer:

C

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

By choosing to produce one pound of butter, Alpha is forgoing the opportunity to produce one more pound of cheese

Opportunity cost = 30/15 = 2

6 0
3 years ago
What is the role of marketing?
Lana71 [14]
The role is to advertise and sell the product and persuade the buyer to buy ! I think that’s it
3 0
2 years ago
The path a product takes from product to final user is called what?
Anuta_ua [19.1K]

Answer:

distribution channel

Explanation:

A marketing channel consists of the people, organizations, and activities necessary to transfer the ownership of goods from the point of production to the point of consumption. It is the way products get to the end-user, the consumer; and is also known as a distribution channel.

7 0
2 years ago
Airbnb, a room-sharing site, offers more rooms than Marriott. Goldman Sachs suggests that the supply of new rooms over the next
alexandr402 [8]

Answer:

C) The threat of new entrants.

Explanation:

Porter's Five Forces: It's an analysis helpful for the industries to get the understanding of the loopholes and their weaknesses. Porter suggested that anytime a company goes down, there would be one force involved among the following five forces.

  1. Threat of new entrants.
  2. Bargaining power of buyers.
  3. Threat of substitutes.
  4. Rivalry among existing competitors.
  5. Bargaining power of suppliers.

In our case:  

  • Threat of new entrants force is involved: There is always a threat to the existing companies of the new company entering the market. Some companies doesn't take them seriously and ends up getting damaged. And, as the Goldman suggests that new supplies of the rooms in coming years will hurt the existing companies. So they must act on this information and make a decision to change the event for their own better.  
4 0
3 years ago
Other questions:
  • The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mo
    9·1 answer
  • 4.The inflation rate in the U.S. is 3%, while the inflation rate in Japan is 1.5%. The current exchange rate is $1 equal to 105
    15·1 answer
  • tulip Co. owns 100% of Daisy Co.'s outstanding common stock. Tulip's cost of goods sold for the year totals $600,000, and Daisy'
    12·2 answers
  • All of the following criteria serve as a valid basis for identifying potential projects in most organizations EXCEPT: ​
    14·1 answer
  • The PRIMARY function of banks in the United States is to a) print money b) make banking laws c) build homes and businesses d) pr
    8·2 answers
  • The federal government relies mostly on revenue from _____.
    11·2 answers
  • Can you tell when someone you call is friendly before answering the phone?EXPLAIN
    12·1 answer
  • The following information pertains to Lightning Inc., at the end of December: Credit Sales $ 20,000 Accounts Payable 10,000 Acco
    13·1 answer
  • Mark produced 9 cans of sauce with 3 pounds of tomatoes. When he increased to 5 pounds, he produced 13 cans. What is the margina
    15·1 answer
  • An expense account normally has a ___________ balance.<br><br> A. Debit<br> B. Credit
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!