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At the end of 2023 , Flint Corporation has accounts receivable of $2.75 million and an allowance for expected credit losses of $100,000. On January
At the end of 2023 , Flint Corporation has accounts receivable of $2.75 million and an allowance for expected credit losses of $100,000. On January 16, 2024, Flint determined that its $22,600 receivable from Carla Vista Co. will not be collected, and management has authorized its write-off. On January 31, 2024, Flint received notification that the company will receive $0.10 for every $1.00 of accounts receivable relating to Wildhorse Co. The company had previously written off 100% of the amount due from Wildhorse ($65,500) (a) Your answer has been saved. See score details after the due date. Prepare the journal entry for Flint to write-off the Carla Vista receivable and any journal entry needed to reflect the notice regarding Wildhorse. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Carla Vista Co. accounts receivable write-off: VVIIdhorse Co. reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: What is the estimated net realizable value of Flint's accounts receivable before and after the entries above? What is the book value of Flint's accounts receivable before and after the entries above
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