At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful accounts of $66,900. On January 24, 2021, the company leams that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,700. On March 4, 2021, Oriole Co. receives payment of $5,700 in full from Megan Gray. 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 Debit Credit (To reverse write-off) (To record collection from Gray)

At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful accounts of $66,900. On January 24, 2021, the company leams that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,700. On March 4, 2021, Oriole Co. receives payment of $5,700 in full from Megan Gray. 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 Debit Credit (To reverse write-off) (To record collection from Gray)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 5C: Receivables Issues Magrath Company has an operating cycle of less than one year and provides credit...

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