May 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of goods sold was
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May | 24 | Sold merchandise on account to Old Town Cafe $36,010. The cost of goods sold was $22,050. |
Sept. | 30 | Received $11,500 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 $24,510 cash in full payment. |
Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables.
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