Q7 Need this done asap. Please help me with the proper solutions. Thanks in advance....
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Accounting
Q7
Need this done asap. Please help me with the proper solutions. Thanks in advance.
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, $19,500. The cost of goods sold was $14,000. Sept. 30 Received $4,300 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 $15,200 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 II II III II II II II III II II Dec. 7-reinstate Dec. 7-collection
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