Question

Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy...

Entries for Uncollectible Receivables, using Allowance Method

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:

May 24   Sold merchandise on account to Old Town Cafe, $16,700. The cost of goods sold was $12,000.
Sept. 30   Received $4,500 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 $12,200 cash in full payment.

If an amount box does not require an entry, leave it blank.

May 24-sale  


May 24-cost  


Sept. 30  



Dec. 7-reinstate  


Dec. 7-collection  


Homework Answers

Answer #1

Date

General Journal

Debit

Credit

24-May

Accounts Receivable

$16,700

Sales Revenue

$16,700

(To record sales on account)

24-May

Cost of Goods Sold

$12,000

Inventory Account

$12,000

(To record cost of goods sold)

30-Sep

Cash

$4,500

Allowance for Doubtful Account

$12,200

Accounts Receivable

$16,700

(To record collection of payment on account and balance wrote off)

7-Dec

Accounts Receivable

$12,200

Allowance for Doubtful Account

$12,200

(To reinstate the written of account)

7-Dec

Cash

$12,200

Accounts Receivable

$12,200

(To record cash collection)

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