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May 1. Sold merchandise on account to Beijing Palace Co., $36,010. The cost of the merchandise sold was $22,050. Aug. 30. Received $11,500 from Beijing
May | 1. | Sold merchandise on account to Beijing Palace Co., $36,010. The cost of the merchandise sold was $22,050. |
Aug. | 30. | Received $11,500 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 $24,510 cash in full payment. Journalize the 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. |
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