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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Refer to RE6-7. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. Prepare the journal entry to record the write-off for McKinney.

To determine

Prepare journal entry to record the transaction.

Explanation

Prepare journal entry to record the transaction.

DateAccount Titles and explanationDebit ($)Credit ($)
March  31, 2020Allowance for doubtful accounts8,500 
      Accounts receivable 8,500

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