May 1 Sold merchandise on account to Beijing Palace Co , $37,940 The cost of the merchandise sold was $25,700 Aug 30 Received $9,050 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 $28,890 cash in full payment Required Journalize the above transactions in the accounts of Sedona 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 Instructions Chart of Accounts Journal Instructions May 1 Aug 30 Sold merchandise on account to Beijing Palace Co , $37,940 The cost of the merchandise sold was $25,700 Received $9,050 from Beijing Palace Co and wrote off the remainder owed on the sale of May 1 as uncollectible Reinstated the account of Beijing Palace Co that had been written off on August 30 and received $28,890 cash in full payment Dec 8 Required Journalize the above transactions in the accounts of Sedona 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 JOURNAL ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DATE May 1 DESCRIPTION Accounts Receivable Beijing Palace Co Sales

Question

May 1  Sold merchandise on account to Beijing Palace Co , $37,940  The cost of the merchandise sold was $25,700  Aug  30  Received $9,050 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 $28,890 cash in full payment  Required  Journalize the above transactions in the accounts of Sedona 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  Instructions Chart of Accounts Journal Instructions May 1  Aug  30  Sold merchandise on account to Beijing Palace Co , $37,940  The cost of the merchandise sold was $25,700  Received $9,050 from Beijing Palace Co  and wrote off the remainder owed on the sale of May 1 as uncollectible  Reinstated the account of Beijing Palace Co  that had been written off on August 30 and received $28,890 cash in full payment  Dec  8  Required  Journalize the above transactions in the accounts of Sedona 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  JOURNAL ACCOUNTING EQUATION POST  REF  DEBIT CREDIT ASSETS LIABILITIES EQUITY DATE May 1 DESCRIPTION Accounts Receivable Beijing Palace Co  Sales

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May	1.	Sold merchandise on account to Beijing Palace Co., $37,940. The cost of the merchandise sold was $25,700.
Aug.	30.	Received $9,050 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 $28,890 cash in full payment.

Question

May 1. Sold merchandise on account to Beijing Palace Co., $37,940. The cost of the merchandise sold was $25,700. Aug. 30. Received $9,050 from Beijing

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