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A mortgage receivable was 100% allowed for (not written off). Original entry was Dr Bad Debt Expense $65K and Cr Allowance $65K. Borrower has offered
A mortgage receivable was 100% allowed for (not written off). Original entry was Dr Bad Debt Expense $65K and Cr Allowance $65K. Borrower has offered $10K to settle the debt. What are the entries to accept payment and write loan off the books
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
