On March 1, 2012 Management of Taint Incorporated approved the write-off of all outstanding customer account greater than 356 days old. The total balance written-off in March 1st was $236,350. Prepare the necessary journal entry(s) to account for the transaction.

Taint Incorporated December 31, 2011 Balance Sheet Assets Current Assets Accounts Receivable Less: Allow for Uncollecytible accounts Net Receivable Balance $7.000.000 ($555,000) $6.445,000