May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. Sept. 30 Received $6,000 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 $12,450 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.

Answer and Explanation:

Journal entries

May 24

Dr Account Receivable Old Town Cafe $18,450

Cr Sales $18,450

To record sales on merchandise on account

May 24,

Dr Cost of merchandise sold $11,000

Cr Merchandise inventory $11,000

To record the cost of goods sold

Sept 30

Dr Cash $6,000

Dr Allowance for doubtful accounts $12,450

Cr Account Receivable Old Town Cafe $18,450

To record cash collection written off uncollectible account receivable

Written off uncollectible account receivable

$12,450($18,450-$6,000)

a loan? that’s my guess, anywho.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi