At the end of 2022, Sunland Co. has accounts receivable of $713,600 and an allowance for...

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At the end of 2022, Sunland Co. has accounts receivable of $713,600 and an allowance for doubtful accounts of $56,000. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,500. On March 4, 2023, Sunland Co. receives payment of $7,500 in full from Megan Gray. Prepare the journal entries to record the March 4, 2023, transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To reverse write-off) (To record collection from Gray) Debit Credit At the end of 2022, Sunland Co. has accounts receivable of $713,600 and an allowance for doubtful accounts of $56,000. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,500. On March 4, 2023, Sunland Co. receives payment of $7,500 in full from Megan Gray. Prepare the journal entries to record the March 4, 2023, transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To reverse write-off) (To record collection from Gray) Debit Credit

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The journal entries are given below Date Account Title and Ex... View the full answer