Chrome File Edit View History Bookmarks People Window Help 4)) 896 D Sat 8:42 PM

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Chrome File Edit View History Bookmarks People Window Help 4)) 896 D Sat 8:42 PM a E CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMan.do?invokers&takeAssignmentSessionLocator;= assignment-take&inprogress-false; Entries for Uncollectible Receivables, using Allowance Method 1. BE.08-03.ALGO 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: 2. EX.08-03.ALGO May 24 Sept. 30 Dec. 7 Sold merchandise on account to Old Town Cafe $19,700. The cost of goods sold was $14,200 Received $4,300 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible Reinstated the account of Old Town Cafe that had been written off on September 30 and received $15,400 cash in full payment. 3. EX.08-04 ALGO 4. EX.08-13.BLANKSHEET.AL... 5. EX.08-19 For a compound transaction, if an amount box does not require an entry, leave it blank. 6. EX.08-20.ALGO 7. PR.08-01.B 8. PR.08-04.ALGO May 24-sale May 24-cost Sept. 30 Dec. 7-reinstated Check My Work Previous Next Progress: 3/8 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 20Y7

Explanation / Answer

May 24 -sale Account receivable $19,700 Sales $19,700 May 24-cost Cost of good sold $14,200 Inventory $14,200 Sep 30 Cash $4,300 Allowance for doubtful account $15,400 Account receivable $19,700 Dec 7- reinstated Account receivable $15,400 Allowance for doubtful account $15,400 Dec 7-collection Cash $15,400 Account receivable $15,400

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