Question
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. Sept. 30 Received $6,000 from Old Town
May | 24 | Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. |
Sept. | 30 | Received $6,000 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 $12,450 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. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zippy Interiors Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Journalize the transactions in the accounts of Zippy 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.
How does grading work?
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
| |||||||
2 |
| |||||||
3 |
| |||||||
4 |
| |||||||
5 |
| |||||||
6 |
| |||||||
7 |
| |||||||
8 |
| |||||||
9 |
| |||||||
10 |
| |||||||
11 |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started