View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. At the end of 2021, Larkspur, Inc. has accounts receivable of $713,600 and an allowance for doubtful accounts of $30,500. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $7.500. On March 4, 2022, Larkspur, Inc. receives payment of $7,500 in full from Madonna Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Allowance for Doubtful Accounts Debit Credit 7500 Accounts Receivable 7500 (To reverse write-off) (To record collection from Madonna) Attempts: 1 of 2 used Repeat with New Valves