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
According to Maslow, when Clorox wipes highlight the germ-harboring aspect of conventional sponges, it is addressing
Marina86 [1]

Answer:

According to Maslow, when Clorox wipes highlight the germ-harboring aspect of conventional sponges, it is addressing

C. Physiological Need for Health

Explanation:

According to Maslow's Need of hierarchy, humans move from

Physiological Needs: Basic biological needs, like air, water, food, shelter, clothing, primary health needs etc

Safety Needs: Need of personal security, property, resources etc

Need of Belonging: Having friends, family, people to talk to with etc

Esteem Needs: Need for self respect, freedom, status, recognition etc.

Self-actualization Need: Reaching the heights where one can go and attaining the most highest form of something which one desires.

After reading all the above needs, it is very much clear in understanding that Clorox wipes highlighting the germ-harboring aspect of conventional sponges, is addressing  the Physiological Need for Health.

7 0
3 years ago
You only have $10 to spend for the week. You decide to spend $8 on a movie instead of buying an $8 pizza. a. What is the scarce
Ahat [919]
A) money is the scarce resource because you only have enough money for one item
B) movie or pizza
C)?
8 0
3 years ago
On January 1, 2019, Shay Company issues $400,000 of 10%, 12-year bonds. The bonds sell for $391,000. Six years later, on January
noname [10]

Answer:

$9,000

Explanation:

The computation of the  amount of the discount on the bonds at issuance is shown below:

= Par value of the bond - issued price of the bond

= $400,000 - $391,000

= $9,000

By deducting the issued price of the bond from the par value of the bond we can get the discount amount on issuance of the bond and the same is applied above

4 0
3 years ago
You just received a gift from a friend consisting of 1,000 Thai baht, which you would like to exchange for Australian dollars (A
yanalaym [24]

Answer:

AUD 39.93 is expected to be received for your baht.

Explanation:

To calcuate the cross currency exchange rate between Thai Baht and AUD, inverse the USD per Thai Baht quote, this will give you (1/0.023 = 43.478). Now, multiply this by USD per AUD ( TBHT by USD multiplied by USD by AUD, thus USD will cancel out and leave you with TBHT by AUD). The Final ER will stand at TBHT 25.0434 per AUD. Divide the sum of TBHT 1000 by 25.0434 and you will recieve AUD 39.93

3 0
3 years ago
Dan and Emily have decided to start a new home inspection business. They have both worked in this industry as sole proprietors,
daser333 [38]

Answer: Partnership

   

Explanation: In simple words, partnership refers to an agreement between two or more independent parties to join their forces for achieving a common business goal with the ultimate objective of earning profit.

In the given case,  Dan and Emily were sole proprietors and now they are joining their forces also the case states their new entity will not be a separate entity and both of the owners will be having unlimited debt.

Hence from the above we can conclude that this is a partnership business.

3 0
3 years ago
Other questions:
  • During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the compan
    6·1 answer
  • What three spending accounts can Leslie adjust now to better match what’s in her budget (select all that apply)
    11·1 answer
  • 1.People who make the best mystery shoppers have usually prepared themselves by: Reading Passing Certification Courses Researchi
    8·1 answer
  • Let D​= ​demand, S​ = supply, P​ = equilibrium​ price, and Q​= equilibrium quantity. What happens in the market for walnuts if t
    9·1 answer
  • The term market structure refers to
    12·1 answer
  • What monthly rate of interest will yield an annual effective rate of interest of 14%?
    15·1 answer
  • EA9.
    15·1 answer
  • Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no b
    11·1 answer
  • The owner of Genuine Subs, Inc., hopes to expand the present operation by adding one new outlet. She has studied three locations
    10·1 answer
  • If you will become a manager or part of the management how will you implement the effective organizing strategies?​
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!