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help please Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that
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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, $10,600. The cost of goods sold was $7,600. Sept. 30 Received $2,200 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 $8,400 cash in full payment. If an amount box does not require an entry leave it blank. Accounts Receivable-Old Town Cafe May 24-sale Sales May 24-cost Cost of Goods Sold Inventory Sept. 30 Allow cost Accounts Accounts Receivable Oldtown Cafe Dec. 7. cont Decold wat Atmosful arcounts Accounts Receivable-Old Town Cafe Dec. 7-reinstate AceSunts Receivable-Old Town Cafe 81 Allowance for Doubtful Accounts II II Dec. 7-collection Cash Accounts Receivable-Old Town Cafe Step by Step Solution
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