CALCULATOR FULL SCREEN PRINTER VERSIONBACK NEXT ES Exercise 7-8 At the end of 20

Question

CALCULATOR FULL SCREEN PRINTER VERSIONBACK NEXT ES Exercise 7-8 At the end of 2017, Marigold Company has accounts receivable of $917,900 and an allowance for doubtful accounts of $48,700. On January 16, 2018, Marigold Company determined that its receivable from Ramirez Company of $7,540 will not be collected, and management authorized its write-off Prepare the journal entry for Marigold Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 16, 2018 dy SHOW LIST OF ACCOUNTS LINK TO TEXT

Explanation / Answer

Jan-16 Allowance for doubtful accounts 7540           Accounts Receivable 7540 2 Net realizable value before write-off=917900-48700= 869200 3 Net realizable value after write-off=(917900-7540)-(48700-7540)= 869200

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