Your answer is partially correct. Try again. At the end of 2017, Carpenter Co. has accounts receivable of $701,000 and an allowance for doubtful accounts of $54,100. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,500. On March 4, 2018, Carpenter Co. receives payment of $5,500 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable T 5,500 Bad Debts Expense (To reverse write-off) TCash 5,500 T Accounts Receivable (To record collection from Gray)