Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe $13,100. The cost of goods sold was $9,400. Sept. 30 Received $3,300 from Old 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 $9,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstated TTT Dec. 7-collection Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,430 from Ian Kearns and wrote off the remainder owed of $5,010 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Ian Kearns and received $5,010 cash in full payment. Reinstate Collection