At the end of 2024, Waterway Co. has accounts receivable of $727,400 and an allowance for doubtful accounts of $27,280. On January 24, 2025, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. On March 4, 2025, Waterway Co. receives payment of $4,480 in full from Madonna Inc. Prepare the journal entries to record the March 4 transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To reverse write-off of accounts receivable.) Debit Credit

At the end of 2024, Waterway Co. has accounts receivable of $727,400 and an allowance for doubtful accounts of $27,280. On January 24, 2025, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. On March 4, 2025, Waterway Co. receives payment of $4,480 in full from Madonna Inc. Prepare the journal entries to record the March 4 transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To reverse write-off of accounts receivable.) Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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