At the end of 2022, Ivanhoe Co. has accounts receivable of $701,000 and an allowance for doubtful accounts of $70,200. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,700. On March 4, 2023, Ivanhoe Co. receives payment of $6,700 in full from Megan Gray. Prepare the journal entries to record the March 4, 2023, transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To reverse write-off) (To record collection from Gray) Debit Credit N

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At the end of 2022 , Ivanhoe Co. has accounts receivable of $701,000 and an allowance for doubtful accounts of $70,200,0n January 24,2023 , the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,700. On March 4, 2023, Ivanhoe Co. receives payment of \$6,700 in full from Megan Gray. Prepare the journal entries to record the March 4,2023, transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)