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At the end of 2020. Pronghorn Corp. has accounts receivable of $2.20 million and an allowance for doubtful accounts of $121,000. On January 16, 2021.
At the end of 2020. Pronghorn Corp. has accounts receivable of $2.20 million and an allowance for doubtful accounts of $121,000. On January 16, 2021. Pronghorn determined that its $24,700 receivable from Crane Company will not be collected, and management has authorized its write off. On January 31, 2021. Pronghorn received notification that the company will be receiving $0.15 for every $1.00 of accounts receivable relating to Sheridan Company The company had previously written off 100% of the amount due from Sheridan ($57,000). Prepare the journal entry for Pronghorn Corp. to write off the Crane receivable and any journal entry necessary to reflect the notice regarding Sheridan Company (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 for the amounts.) To write off the Crane accounts: Account Titles and Explanation Debit Credit Sheridan Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts What is the estimated net realizable value of Pronghorn's accounts receivable before and after the entries above? What is the book value of Pronghorn's accounts receivable before and after the entries above? Before Adjustments After Adjustments $ $ Net Realizable Value $ $ $ Book Value
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