Exercise 7-08 At the end of 2020, Blue Company has accounts receivable of $768,000 and an allowance for doubtful accounts of $38,400. On January 16, 2021, Blue Company determined that its receivable from Ramirez Company of $5,760 will not be collected, and management authorized its write-off. Your answer is correct. Prepare the journal entry for Blue Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 16, 2021 M Allowance for Doubtful Acc 5760 Accounts Receivable 5760 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. What is the net amount expected to be collected of Blue Company's accounts receivable before the write-off of the Ramirez receivable? Net amount expected to be collected 729600 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT x Your answer is incorrect. What is the net amount expected to be collected of Blue Company's accounts receivable after the write-off of the Ramirez receivable? Net amount expected to be collected 718080 Click if you would like to Show Work for this question: Open Show Work