Brief Exercise 8-4 At the end of 2016, Swifty Corporation has accounts receivabl

Question

Brief Exercise 8-4 At the end of 2016, Swifty Corporation has accounts receivable of $673,200 and an allowance for doubtful accounts of $24,010. 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 $4,147 2. On March 4, 2017, Swifty Corporation receives payment of $4,147 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 2 To record recovery of accounts receivable.) (To record collection of accounts receivable.)

Explanation / Answer

No. Account debit credit 1 Allowance for doubtful account 4147 Accounts receivable 4147 [Accounts written off] 2 Accounts receivable 4147 Allowance for doubtful account 4147 [To record recovery of accounts receivable] cash 4147 Accounts receivable 4147

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