Question

At the end of 2021, Marin Co. has accounts receivable of $754,500 and an allowance for doubtful accounts of $23,960. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,624.a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCreditEnter an account titleEnter a debit amountEnter a credit amountEnter an account titleEnter a debit amountEnter a credit amount(b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off?Before Write-OffAfter Write-OffCash realizable value$Enter a dollar amount$Enter a dollar amount

Answer 1

Indent just because to get the teacher mad