M8-4 Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2017, Extreme Fitness has adjusted balances of $1,000,000 in Accounts Receivable and $95,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $30,000. Assume that on February 2, 2018, Extreme Fitness received a payment of $2,500 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 Check my 2. M8-4 Recording Recoveries Using the Allowance Method [LO 8-2] 1110 Dones On December 31, 2017. Extreme Fitness has justed balances of $1,000,000 in Accounts Receivable and $95.000 in Allowance for Doubtful Accounts On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write off of these account totaling 530000 Assume that on February 2, 2016, Extreme Fitness received a payment of $2.500 from one of the customers whose balance had been witten off. Prepare the journal entries to record this transaction. If no entry le required for a transaction/event, select "No Journal intry Required in the first account Teld) sode 10 View transaction in Journal entry worksheet B A Record the receipt of cash o 2.500 from the customer