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26 November, 17:51

At the end of 2016, wildhorse co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. 1. on january 24, 2017, it is learned that the company's receivable from madonna inc. is not collectible and therefore management authorizes a write-off of $3,913. 2. on march 4, 2017, wildhorse co. receives payment of $3,913 in full from madonna inc.

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  1. 26 November, 18:05
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    See explanation section.

    Explanation:

    January 24, Allowance for doubtful accounts Debit $3,913

    Accounts receivable Credit $3,913

    To record the write - off of accounts receivable.

    March 04, Accounts receivable Debit $3,913

    Allowance for doubtful accounts Credit $3,913

    To record the reinstatement of uncollectible from the receivable account.

    March 04, Cash Debit $3,913

    Accounts receivable Credit $3,913

    To record the unexpected payment from madonna inc.
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