Ask Question
2 November, 02:39

Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold was $11,200 Received $8,000 from Beijing Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible Reinstated the account of Beijing Palace Co. that had been written off on August 30 and received $10,900 cash in full payment. May 1. Aug. 30. Dec. 8. Journalize the above transactions in the accounts of Sedona 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.

+5
Answers (1)
  1. 2 November, 03:51
    0
    The journal entries are given as follows

    Explanation:

    May-1

    Accounts Receivable-Beijing Palace Dr.$18,900

    Sales Cr.$18,900

    Aug-30

    Cash Dr.$8,000

    Accounts Receivable-Beijing Palace Cr.$8,000

    Bad Debt Expense Dr.$10,900

    Accounts Receivable-Beijing Palace Cr.$10,900

    Dec-8

    Accounts Receivable-Beijing Palace Dr.$10,900

    Bad Debt Expense Cr.$10,900

    Cash Dr.$10,900

    Accounts Receivable-Beijing Palace Cr.$10,900
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold was $11,200 Received $8,000 from Beijing ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers