Question1 At the end of 2016, Skysong, Inc. has accounts receivable of $768,300

Question

Question1 At the end of 2016, Skysong, Inc. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. 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 $4,480 2. On March 4, 2017, Skysong, Inc. receives payment of $4,480 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 1. Debit Credit 2. To record recovery of accounts receivable.) To record collection of accounts receivable.)

Explanation / Answer

1 journal entries 1 date account titles and explanation debit credit 24-Jan allowance for doubtful accounts 4480 accounts receivable 4480 ( to record for the write off accounts receivable as directed by the management , the allowance for doubtful accounts which has already created been reduced by 4480 ) 2 04-Mar accounts receivable 4480 allowance for doubtful accounts 4480 ( to record the recovery of the accounts receivable ) 04-Mar cash 4480 accounts receivable 4480 (to record the collection of accounts receivable )

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