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At the end of 2021, Sage Hill Co. has accounts receivable of $770,000 and an allowance for doubtful accounts of $27,500. On January 24, 2022,
At the end of 2021, Sage Hill Co. has accounts receivable of $770,000 and an allowance for doubtful accounts of $27,500. 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 $4,730. Use a tabular summary to record the write-off. Enter 2021 amounts as beginning balances. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Accts. Rec. Allow. For Doubtful Accts = + Common Stock Beg. Bal. $ $ $ Jan. 24 Adj. Bal. Stockholders' Equity Retained Earnings Common Stock + Rev. Exp. $
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