At the end of 2013, Mortey Co has accounts receivadle of $716,9000 and an allowa

Question

At the end of 2013, Mortey Co has accounts receivadle of $716,9000 and an allowance doudtful account of $24,510. On January 24, 2014, it is learned that the company 's receivable from spears Inc. is not coliectible and therefore management authorizes a write -off of $ 5,150. On March 4, 20.4, Mortey Co. receives, payment of $5,50 in full from Spear Inc. Prepare the Journal entries to record this transaction. (Credit account titles are  automatically, Indented when amount Is entered. Do not Indent manually.)

Explanation / Answer

Date Account title Debit credit Jan 24 2014 Allowance for doubtful account 15150 Accounts receivable 15150 [receivables write off] Mar 4 2014 Accounts receivable 5150 Allowance for doubtful account 5150 Cash 5150 Accounts receivable 5150

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