Question
At the end of 2021, Skysong, Inc. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. 1. On January 24, 2022,
At the end of 2021, Skysong, Inc. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. 1. On January 24, 2022, it is learned that the companys receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. 2. On March 4, 2022, Skysong, Inc. receives payment of $4,480 in full from Madonna Inc. Prepare the journal entries to record this transaction
No.
Account Titles and Explanation
Debit
Credit
1.
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
2.
Enter an account title to record recovery of accounts receivable
Enter a debit amount
Enter a credit amount
Enter an account title to record recovery of accounts receivable
Enter a debit amount
Enter a credit amount
(To record recovery of accounts receivable.)
Enter an account title to record collection of accounts receivable
Enter a debit amount
Enter a credit amount
Enter an account title to record collection of accounts receivable
Enter a debit amount
Enter a credit amount
(To record collection of accounts receivable.)
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