At the end of 2014, Carpenter Co. has accounts receivable of $770,380and an allowance for doubtful accounts of $73,400. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,420. On March 4, 2015, Carpenter Co. receives payment of $7,420in full from Megan Gray.

Prepare the journal entries to record this transaction.