At the end of 2016, Sunland Company has accounts receivable of $653,700 and an allowance for doubtful accounts of $24,200.
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 $4,245.
On March 4, 2017, Sunland Company receives payment of $4,245 in full from Madonna Inc.
Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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