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Tema [17]
3 years ago
5

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., $15,300. The cost of the merchandise sold was $11,000.
Aug. 30. Received $4,000 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 $11,300 cash in full payment.
Business
1 answer:
olganol [36]3 years ago
4 0

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.

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stepan [7]

Answer:

Intensive.

Explanation:

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3 years ago
can you help me make a timeline, of becoming a wildlife biologist here's the first two but i need a few more timelines to when I
Reptile [31]

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3 years ago
On January 1, 2009, a U.S. firm made an investment in Germany that will generate $5 million annually in depreciation, converted
Afina-wow [57]

Answer:

The expected real value (in terms of January 1, 2009, dollars) of the depreciation charge in year 2013 will be $1,958,815.416.

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