Recoveries of previously written off accounts
Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10, Newton received a check for the full amount of $3,000 from P. Best. Prepare the (a) May 3 journal entry Newton makes to write off the debt and the (b) July 10 journal entry or entries Newton makes to record the recovery of the bad debt.
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