Current Attempt At the end of 2024, Oriole Co. has accounts receivable of $739,500 and an allowance for doubtful accounts of $23,560. 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 $4,031. On March 4, 2025, Oriole Co. receives payment of $4,031 in full from Madonna Inc. Prepare the journal entries to record the March 4 transaction. (Ust 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
Current Attempt At the end of 2024, Oriole Co. has accounts receivable of $739,500 and an allowance for doubtful accounts of $23,560. 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 $4,031. On March 4, 2025, Oriole Co. receives payment of $4,031 in full from Madonna Inc. Prepare the journal entries to record the March 4 transaction. (Ust 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Current Attempt in Progress
At the end of 2024, Oriole Co. has accounts receivable of $739,500 and an allowance for doubtful accounts of $23,560. 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 $4,031. On March 4, 2025, Oriole Co. receives payment of $4,031 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
100
Credit
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