At the end of 2016, Concord Corporation has accounts receivable of $704,700 and an allowance for doubtful accounts of $26,850. 1. On January 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a 2. On March 4, 2017, Concord Corporation receives payment of $4,384 in full from Madonna Inc. write-off of $4,384. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. (To record recovery of accounts recelvable.) (To record collection of accounts recelvable.)