At the end of 2022, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful
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At the end of 2022, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200.
a. Prepare the journal entry to record the write-off.
b. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off?
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Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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