Business
Business, 25.02.2021 23:40, hailee24

May 24 Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Sept. 30 Received $9,000 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 $15,450 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.

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May 24 Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Se...

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