entries for uncollectible receivables, using allowance method

Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Beijing Palace Co., $12,500. The cost of the merchandise sold was $9,000. Aug. 30. Received $2,500 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 $10,000 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. May 1-sale O May 1-cost GO dropdown ALGO Aug. 30 Dec. 8-reinstated Dec. 8-collection 0 0 000 1 0 000 C