Journalize the following transactions in the accounts of Arizona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables:

May 1. Sold merchandise on account to Taiwan Palace Co., $13,400. The cost of the merchandise sold was $9,600.
Aug. 30. Received $2,800 from Taiwan Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible.
Dec. 8. Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $10,600 cash in full payment.

Question

02-04-2021
Business

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Journalize the following transactions in the accounts of Arizona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables:

May 1. Sold merchandise on account to Taiwan Palace Co., $13,400. The cost of the merchandise sold was $9,600.
Aug. 30. Received $2,800 from Taiwan Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible.
Dec. 8. Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $10,600 cash in full payment.

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