At the end of 2021 , Novak Corp. has accounts receivable of $778,200 and an allowance for doubtful accounts of $35,700. 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 $7,200. On March 4, 2022, Novak Corp, receives payment of $7,200 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.) At the end of 2021 , Novak Corp. has accounts receivable of $778,200 and an allowance for doubtful accounts of $35,700. 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 $7,200. On March 4, 2022, Novak Corp, receives payment of $7,200 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.)