At the end of $2021,$ Marigold Corp. has accounts receivable of $$790,300$ and an allowance for doubtful accounts of $$34,900.$ On

January $24,2022,$ it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management

authorizes a write$-$off of $$7,400.$ On March $4,2022,$ Marigold Corp. receives payment of $$7,400$ in full from Madonna Inc.

Prepare the journal entries to record this transaction. $($Credit account titles are automatically indented when amount is entered.

Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To reverse write$-$off$)$

$($To record collection from Madonna$)$