BE8.7 (LO 2) At the end of 2020, Searcy Corp. has accounts receivable of $480,000 and an allowance for doubtful accounts of $29,000. On January 24, 2021, Searcy learns that its $11,000 receivable from Hutley Inc. is not collectible. Management authorizes a write off. (a) Prepare the journal entry to record the write off. (b) What is the carrying amount of the accounts receivable (1) before the write off and (2) after the write off? Record recovery of bad debts. BE8.8 (LO 2) Assume the same information as in BE8.7, but that on March 4, 2021, Searcy Corp. receives payment in full of $11,000 from Hutley Inc. after the write off. Prepare the required journal entry(ies) to record this transaction. Record notes receivable transactions