(L.OBJ. 4) Collecting a receivable previously written off—direct write-off method [5—10 min]
Foley’s Furniture Repair had trouble collecting its account receivable from Steve Stone. On July 19, 2012, Foley’s finally wrote off Stone’s $900 account receivable. Foley’s turned the account over to an attorney, who hounded Stone for the rest of the year. On December 31, Stone sent a $900 check to Foley’s Furniture Repair with a note that said, “Here’s your money. Please call off your bloodhound!”
Requirement
1. Journalize the entries required for Foley’s Furniture Repair.
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