At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful accounts of $66,900. On January 24, 2021, the company leams that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,700. On March 4, 2021, Oriole Co. receives payment of $5,700 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)
At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful accounts of $66,900. On January 24, 2021, the company leams that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,700. On March 4, 2021, Oriole Co. receives payment of $5,700 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brief Exercise 9-05
At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful accounts of $66,900. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,700. On March 4, 2021, Oriole Co.
receives payment of $5,700 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)
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