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

  1. 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, $17,900. The cost of goods sold was $12,900.
    Sept. 30 Received $3,600 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 $14,300 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

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Homework Answers

Answer #1
Date General Journal Debit Credit
May 24- Sale Accounts receivable - Old Town Cafe $17,900
Sales $17,900
May 24- Cost Cost of goods sold $12,900
Inventory $12,900
September 30 Cash $3,600
Allowance for doubtful accounts $14,300
Accounts receivable - Old Town Cafe $17,900
Dec -7, reinstate Accounts receivable - Old Town Cafe $14,300
Allowance for doubtful accounts $14,300
Dec. -7-Collection Cash $14,300
Accounts receivable - Old Town Cafe $14,300
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