At the end of 2021, Novak Corp. has accounts receivable of $767,100 and an allowance for...
At the end of 2021, Novak Corp. has accounts receivable of $767,100 and an allowance for doubtful accounts of $23,810. 1. 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 $4,451. 2. On March 4, 2022, Novak Corp. receives payment of $4,451 in full from Madonna Inc. Prepare the journal entries to record this transaction.
Homework Answers
| Particulars | debit | credit |
| Accounts receivable- Madonna Inc | 4451 | |
| Allowance for doubtful accounts | 4451 | |
| (Being accounts receivable written off reversed) | ||
| Cash | 4451 | |
| Accounts receivable-madonna inc | 4451 | |
| (Being cash received) | ||
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At the end of 2021, Novak Corp. has accounts receivable of
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