COLLECTION OF AMOUNTS PREVIOUSLY WRITTEN OFF Customer A owes XYZ Corp. $524. XYZ determines that the total amount is uncollectible and writes off all of Customer A’s debt. Customer A later pays $260 to XYZ Corp.

Required:
Make the appropriate journal entries (if any) to record the receipt of the $260 by XYZ Corp.
assuming XYZ uses the allowance method.
Cornerstone Exercise