Question

please help!

Brief Exercise 8-05 At the end of 2020, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2021, Carpenter Co. receives payment of $6,200 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) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT

Answer 1

Account Title and explanation	Debit	Credit
Account Receivable - Megan Gray	$                     6,200
Allowance for Doutfull Accounts		$                       6,200
(To Reverse write off)
Cash	$                     6,200
Account Receivable - Megan Gray		$                       6,200
(To record collection from Gray)