may 24 sold merchandise on account to old town cafe, $24,450. the cost of goods sold was $14,500. sept. 30 received $9,000 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 $15,450 cash in full payment.