Journalize the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables and a perpetual inventory system.
Jan. 18. Sold merchandise on account to Wings Co., $13,200. The cost of the goods sold was $9,500.
Mar. 31. Received $5,000 from Wings Co. and wrote off the remainder owed on the sale of January 18 as uncollectible.
Sep. 3. Reinstated the account of Wings Co. that had been written off on March 31 and received $8,200 cash in full payment.

  • CreatedSeptember 15, 2015
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