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timofeeve [1]
3 years ago
10

May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. Sept. 30 Received $6,000 from O

ld Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,450 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Rudiy273 years ago
8 0

Answer and Explanation:

Journal entries

May 24

Dr Account Receivable Old Town Cafe $18,450

Cr Sales $18,450

To record sales on merchandise on account

May 24,

Dr Cost of merchandise sold $11,000

Cr Merchandise inventory $11,000

To record the cost of goods sold

Sept 30

Dr Cash $6,000

Dr Allowance for doubtful accounts $12,450

Cr Account Receivable Old Town Cafe $18,450

To record cash collection written off uncollectible account receivable

Written off uncollectible account receivable

$12,450($18,450-$6,000)

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In the United States, all financial institutions are required to conduct business at a physical location only.
worty [1.4K]

Answer:

B-False

Explanation:

Because some companies do business online.

4 0
3 years ago
By 2015, the foreclosure rate was down by 20%. The metropolitan statistical areas showing the highest percentage of improvement
sweet-ann [11.9K]

The correct option is C) Washington, D.C.

By 2015, the foreclosure rate was down by 20%. The metropolitan statistical areas showing the highest percentage of improvement included all of the following except "Washington, D.C".

<h3>What is foreclosure rate?</h3>

The process of foreclosure starts when a borrower is unable to make their mortgage payments. When a mortgage is foreclosed, the lender normally seizes the property and makes an effort to sell it. This occurs when real estate is utilised as security for mortgage loans, making your house a form of security.

The given are the ways to avoid Foreclosure-

  • Ask For Forbearance: As you may remember, forbearance enables borrowers to temporarily suspend mortgage payments while they recover their savings, boost their income, or pay down debt in the wake of financial troubles.
  • Apply For A Refinance: Refinancing into a more manageable payment can prevent you from going into default on the loan if you're worried about going through with a foreclosure. This regrettably isn't a possibility for everyone since it can only really be done if you haven't missed a payment.
  • Ask For A Mortgage Reinstatement: If you experienced temporary financial issues that have subsequently disappeared, speak with your servicer to learn about your alternatives.
  • Apply For A Short Sale: Selling your house for less than what is owed on the mortgage is known as a short sale. This requires the lender's approval, and all of the sale's proceeds will go to the lender.

To know more about fastest-growing foreclosure rates, here

brainly.com/question/22474347

#SPJ4

The complete question is -

By 2015, the foreclosure rate was down by 20%. The metropolitan statistical areas showing the highest percentage of improvement included all of the following EXCEPT

A) Los Angeles.

B) Miami.

C) Washington, D.C.

D) Atlanta.

Washington, D.C.

6 0
1 year ago
Explain how a school's published price (also known as<br> sticker price) and net price differs.
miv72 [106K]

Answer:

Sticker price is the published tuition and fees whereas net price is what the student pays after financial aid (much lower than sticker price).

Hope this helped! :)

5 0
3 years ago
On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison’s voting common stock, which represents a 40 perce
Marysya12 [62]

Answer:

The $1,724,000 is the investment amount which is to be recorded as of December 31.

Explanation:

For computing the investment income, the calculation is shown below:

= Paid value + net income percentage - dividend

where,

Paid value= $1.6 million

Net income percentage = Net income × percentage

                                        = $560,000 × 40%

                                        = $224,000

And, dividend = number of shares × per share

                       = 50,000 × 2

                       = $100,000

So, the investment amount would be

= Paid amount + net income percentage - dividend

= $1,600,000 + $224,000 - $100,000

= $1,724,000

Hence, the $1,724,000 is the investment amount which is to be recorded as of December 31.

3 0
3 years ago
Trapp Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its
Leokris [45]

Answer: cost of units transferred out during the month=A. $45,000

Explanation:

Material costs =Number of units completed and transferred out x Cost per equivalent unit for material

= 9000 units x $2.00  = $18,000

Conversion cost = Number of units completed and transferred out x Cost per equivalent unit for conversion costs

= 9000 units x $3.00 = $27,000

   

Costs  of u nits transferred out during the month = Conversion costs +Material costs

= $18,000 + $27,000

$45,000

5 0
3 years ago
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