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At the end of 2023, Blue Spruce Corp, has accounts receivable of $2.95 million and an allowance for expected eredit losses of $134,500, On January
At the end of 2023, Blue Spruce Corp, has accounts receivable of $2.95 million and an allowance for expected eredit losses of $134,500, On January 16,2024, Blue determined that its $19,100 receivable from Crane Compary will not be collected, and management has authorized its write-off. On January 31.2024 , Blue recelved notification that the compary will reckive $0.15 for every $1.00 of accounts receivabie relating to Sheridan Company The company had previously written off 100% of the amount due from Sheridan ($64,000). (a) - Your answer is partially correct. Prepare the journal entry for Blue to write-off the Crane receliable and any journal entry needed to reflect the notice regarding Sheridan. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. (ist all debit entries before credit entries) Crane Company accounts receivable write off: Sheridan Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: What is the estimated net realizable value of Blue's accounts receivable before and after the entries above? What is the book value of Blue's accounts receivable before and after the entries above
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