Journalize the following transactions in the accounts of Dining Interiors Company, a resturant supply company that uses
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Journalize the following transactions in the accounts of Dining Interiors Company, a resturant supply company that uses the allowance method of accounting for uncollectible receivables:
Apr. 2. Sold merchandise on account to Peking Palace Co., $41,900. The cost of the mer-chandise sold was $24,850.
June 9. Received $10,000 from Peking Palace Co. and wrote off the remainder owed on the sale of April 2 as uncollectible.
oct. 31. Reinstated the account of Peking Palace Co. that had been written off on June 9 and received $31,900 cash in full payment.
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
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