May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was
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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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
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PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 | ✔ | ✔ | ||||||
2 | ✔ | |||||||
3 | ✔ | |||||||
4 | ||||||||
5 | ✔ | |||||||
6 | ||||||||
7 | ✔ | |||||||
8 | ✔ | ✔ | ||||||
9 | ✔ | |||||||
10 | ✔ | |||||||
11 | ✔ |
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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