value 0.42 points M8-4 Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2014, Extreme Fitness has adjusted balances of $950,000 in Accounts Receivable and $85,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $25,000 Assume that on February 2, 2015, Extreme Fitness received a payment of $2,000 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 2 Record the reversal of a customer account previously written off in the amount of $2,000 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal value: 0.42 points M8-4 Recording Recoveries Using the Allowance Method [LO 8-2] On December 31, 2014, Extreme Fitness has adjusted balances of $950,000 in Accounts Receivable and $85,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $25,000. Assume that on February 2, 2015, Extreme Fitness received a payment of $2,000 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 2 Record the receipt of cash of $2,000 from the customer. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal