Assume the same information as BE8.3 and that on March 4, 2025, Safer Co. receives payment of \(\$ 4,300\) in full from Madonna Inc. Prepare the journal entries to record this transaction.

Data from Exercises BE8.3

At the end of 2024, Safer Co. has accounts receivable of \(\$ 700,000\) and an allowance for doubtful accounts of \(\$ 25,000\). On January 24,2025 , it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of \(\$ 4,300\).