At the end of 2016, Marigold Corp. has accounts receivable of $718,400 and an allowance for...
At the end of 2016, Marigold Corp. has accounts receivable of $718,400 and an allowance for doubtful accounts of $22,800.
1. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,359.
2. On March 4, 2017, Marigold Corp. receives payment of $4,359 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.)
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 24 | Allowance for doubtful account | 4359 | |
| Account receivable | 4359 | ||
| Mar 4 | Account receivable | 4359 | |
| Allowance for doubtful accounts | 4359 | ||
| (To record reinstated) | |||
| Cash | 4359 | ||
| Account receivable | 4359 | ||
| (To record collection) |
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At the end of 2016, Marigold Corp. has accounts receivable of
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