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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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Answer:

Option C.

Explanation:

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4 0
3 years ago
Which of the following is included in the M-2 definition of the money supply but NOT in the M-1 definition?
Komok [63]

The option included in the M2 definition of money supply and not in the M1 definition is money market mutual fund shares.

<h3>What is M2?</h3>

M2 definition of money supply that includes cash, checking deposits, and near money. M2 is a broader measure of the money supply  when compared with M1. It also less liquid than M1. M1 includes includes cash and checking deposits.

Here are the options:

a. Checkable deposits.

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d. Money market mutual fund shares.

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3 0
1 year ago
Almost all tasks in a project will be connected using either _____ or _____ dependencies.Select an answer:a)start-to-finish; fin
anyanavicka [17]

Answer:

c) finish-to-start; start-to-start

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3 0
3 years ago
Read 2 more answers
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Answer:

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Income elasticity = % change in quantity demanded / % in income

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<h3>What is cooperate stocks?</h3>

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8 0
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