Refer to RE6-6. On April 23, 2017, McKinney 8c Co. receives a check from Mangold Corporation for

Question:

Refer to RE6-6. On April 23, 2017, McKinney 8c Co. receives a check from Mangold for $8,500. Prepare the journal entry for McKinney to record the collection of the account previously written off.
RE6-6
At the end of the first quarter of 2017, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold will not be collectible. This amount was previously included in the allowance account. Prepare the journal entry to record the write-off for McKinney.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...