At the end of 2021, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,210. 2. On March 4, 2022, Nash's Trading Post, LLC receives payment of $4,210 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. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Enter an account title to record recovery of accounts receivable Enter a debit amount Enter a credit amount Enter an account title to record recovery of accounts receivable Enter a debit amount Enter a credit amount (To record recovery of accounts receivable.) Enter an account title to record collection of accounts receivable Enter a debit amount Enter a credit amount Enter an account title to record collection of accounts receivable Enter a debit amount Enter a credit amount (To record collection of accounts receivable.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the end of 2021, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140.

1.		On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,210.
2.		On March 4, 2022, Nash's Trading Post, LLC receives payment of $4,210 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.	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
2.	Enter an account title to record recovery of accounts receivable	Enter a debit amount	Enter a credit amount
	Enter an account title to record recovery of accounts receivable	Enter a debit amount	Enter a credit amount
	(To record recovery of accounts receivable.)
	Enter an account title to record collection of accounts receivable	Enter a debit amount	Enter a credit amount
	Enter an account title to record collection of accounts receivable	Enter a debit amount	Enter a credit amount
	(To record collection of accounts receivable.)

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