Assume the same information as BE8.3 and that on March 4, 2022, Safer Co. receives payment of $4,300 in full from Madonna Inc. Prepare the journal entries to record this transaction. 

Data From BE 8.3

At the end of 2021, Safer Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,300.