Your answer is partially correcAt the end of 2022, Cullumber Co. has accounts receivable of $733,700 and an allowance for doubtful accounts of $64,600. OnJanuary 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-offof $6,200. On March 4, 2023, Cullumber Co. receives payment of $6,200 in full from Megan Gray.Prepare the journal entries to record the March 4, 2023, transaction. (Credit account titles are automatically indented when amount isentered. Do not indent manually.)Account Titles and ExplanationAccounts ReceivableAllowance for Doubtful Accounts(To reverse write-off)Allowance for Doubtful AccountsAccounts Receivable(To record collection from Gray).Debit7337006200Credit646006200

At the end of 2022, Cullumber Co. has accounts receivable of $733,700 and an allowance for doubtful accoun January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management of $6,200. On March 4, 2023, Cullumber Co. receives payment of $6,200 in full from Megan Gray.

At the end of 2022, Cullumber Co. has accounts receivable of $733,700 and an allowance for doubtful accoun January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management of $6,200. On March 4, 2023, Cullumber Co. receives payment of $6,200 in full from Megan Gray.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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