Question

At the end of 2020, Ivanhoe Co. has accounts receivable of $740,700 and an allowance for doubtful accounts of $71,600. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,300. On March 4, 2021, Ivanhoe Co. receives payment of $6,300 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered.

Answer 1

Answer:

Altogether, there is $824,900 recieved!

Explanation:

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