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At the end of 2013, Morley Co. has accounts receivable of $857, 600 and an allowance for doubtful accounts of $25, 670. On January 24,
At the end of 2013, Morley Co. has accounts receivable of $857, 600 and an allowance for doubtful accounts of $25, 670. On January 24, 2014, it is learned that the company's receivable from Spears Inc. is not collectible and therefore management authorizes a write-off of $5, 630. On March 4, 2014, Morley Co. receives payment of $5, 630 in full from Spears Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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