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Accounts receivable transactions are provided below for J Sheridan Co. Dec. 31, 2023 The company estimated that 3% of its accounts receivable would become uncollectible.
Accounts receivable transactions are provided below for J Sheridan Co. Dec. 31, 2023 The company estimated that 3% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $678,000 and $2,100 (debit), respectively. Mar. 5, 2024 The company determined that R. Mirza's $3,300 account and D. Wight's $7,000 account were uncollectible. The company's accounts receivable were $711,200 before the accounts were written off. June 6,2024 Wight paid the amount that had been written off on March 5. The company's accounts receivable were $667,700 prior to recording the cash receipt for Wight. 1,2023 Bad Debt Expense 22440 Allowance for Doubtful Accounts 22440 2024 Allowance for Doubtful Accounts 3300 Accounts Receivable (To record write off of accounts receivable of R. Mirza.) Allowance for Doubtful Accounts 7000 Accounts Receivable (To record write off of accounts receivable of D. Wight.) Accounts Receivable 7000 Allowance for Doubtful Accounts (To reverse write off.) Cash 7000 Accounts Receivable 7000 Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2024. Carrying amount before recovery $ Carrying amount after recovery $
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