Question: Refer to RE7 6 On April 23 Year 2 McKinney

Refer to RE7-6. On April 23, Year 2, McKinney & Co. receives a check from Mangold Corporation for $8,500.
Prepare the journal entry for McKinney & Co. to record the collection of the account previously written off.
In RE7-6, At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.’s management decides that $8,500 due from Mangold Corporation will not be collectible.

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  • CreatedDecember 09, 2013
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