Exercise 7-8 At the end of 2017, Whispering Company has accounts receivable Whispering Company determined that its receivable from Ramirez Company of $7,940 will not be collected, and management authorized its write-off. $874,600 and an allowance for doubtful accounts of $43,800. On January 16, 2018, Prepare the journal entry for Whispering Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 16, 2018 SHOW LIST OF ACCOUNTS LINK O X What is the net realizable value of Whispering Company's accounts receivable before the write-off of the Ramirez receivable? Net realizable value SHOW LIST OF ACCOUNTS LINK TO TEXT What is the net realizable value of Whispering Company's accounts receivable after the write-off of the Ramirez receivable? Net realizable value SHOW LIST OF ACCOUNT S LINK TO TEXT