Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Description Aug. 24 Debit Credit Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Date Sept. 15 Description Debit Credit Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Date Sept. 15 Description Debit Credit