Solution-The cost of the merchandise sold

The cost of the merchandise sold

Reference no: EM131125463

1. Journalize the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:

Jan. 18. Sold merchandise on account to Wings Co., $13,200. The cost of the merchandise sold was $9,500.

Mar. 31. Received $5,000 from Wings Co. and wrote off the remainder owed on the sale of January 18 as uncollectible.

Sept. 3. Reinstated the account of Wings Co. that had been written off on March 31 and received $8,200 cash in full payment.

Reference no: EM131125463

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The cost of the merchandise sold

Reference no: EM131125463

Reference no: EM131125463

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