Foleys Furniture Repair had trouble collecting its account receivable from Steve Stone. On July 19, 2012, Foley’s finally wrote off Stone’s \($900\) account receivable. Foley’s turned the account over to an attorney, who hounded Stone for the rest of the year. On December 31, Stone sent a \($900\) check to Foley’s Furniture Repair with a note that said, “Here’s your money. Please call off your bloodhound!”
Requirement
1. Journalize the entries required for Foley’s Furniture Repair.