At the end of 2022, Carla Vista Co. has accounts receivable of $773,900 and an allowance for doubtful accounts of $63,000. On Ja

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At the end of 2022, Carla Vista Co. has accounts receivable of $773,900 and an allowance for doubtful accounts of $63,000. On Ja

nuary 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,500. On March 4, 2023, Carla Vista Co. receives payment of $5,500 in full from Megan Gray. Prepare the journal entries to record the March 4, 2023, transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Business

1 answer:

Alina [70] · Answer 1 · 2023-10-09T18:02:13+03:00

The journal entries to record the March 4, 2023, transaction is: Debit Accounts receivable $5,500; Credit Allowance for doubtful accounts $5,500.

<h3>Journal entries</h3>

Carla Vista Co. Journal entries

March 4, 2023

Debit Accounts receivable $5,500

Credit Allowance for doubtful accounts $5,500

Debit Cash $5,500

Credit Accounts receivable $5,500

Therefore the journal entries to record the March 4, 2023, transaction is: Debit Accounts receivable $5,500; Credit Allowance for doubtful accounts $5,500.

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