ACCT 208-At the end of 2016, Wildhorse Co. has accounts receivable
Question # 00563284
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Updated on: 07/20/2017 03:22 AM Due on: 07/20/2017
Brief Exercise 8-4
At the end of 2016, Wildhorse Co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090.
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 $3,913.2.On March 4, 2017, Wildhorse Co. receives payment of $3,913 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.)
No.
Account Titles and Explanation
Debit
Credit
1.
2.
(To record recovery of accounts receivable.)
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Rating:
/5
Solution: ACCT 208-At the end of 2016, Wildhorse Co. has accounts receivable