question at the end of 2016 whispering winds corp has accounts receivable of 749 900 4281125
Question
At the end of 2016, Whispering Winds Corp. has accounts receivable of $749,900 and an allowance for doubtful accounts of $23,580. 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 $4,564.
(a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off?
Close
Brief Exercise 8-3
|
Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debts Expense Cash Common Stock Cost of Goods Sold Dividends Income Tax Expense Income Taxes Payable Interest Receivable Interest Revenue Inventory No Entry Notes Receivable Other Operating Expenses Other Receivables Retained Earnings Sales Discounts Sales Returns and Allowances Sales Revenue Service Charge Expense Supplies Supplies Expense |