M8-4 (Static) Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness...

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M8-4 (Static) Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Required: Assume that on February 2, 2021, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the reversal of a customer account previously written off in the amount of $500. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Clear entry Record entry > M8-4 (Static) Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Required: Assume that on February 2, 2021, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the reversal of a customer account previously written off in the amount of $500. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Clear entry Record entry >