Answer:
May 1.
Dr Account Receivable 15,300
Cr Sales 15,300
( to record sales to Beijing Palace Co.)
Dr Cost of merchandise sold 11,000
Cr Merchandise inventory 11,000
( to record cost of goods solds to Beijing Palace Co.)
Aug.30
Dr Cash 4,000
Dr Allowance for uncollectible debt 11,300
Cr Account Receivable 15,300
( to record settlement from Beijing Palace Co. and to realize the remainder receivable from Beijing Palace Co. as uncollectible)
Dec.8
Dr Cash 11,300
Cr Allowance for uncollectible debt 11,300
( to record the remainder settlement from Beijing Palace Co.)
Explanation:
Explanation is put under each entry.
