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1.At the end of 2013, Morley Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2014, it is learned that the company’s receivable from Spears Inc Document Preview:

1.At the end of 2013, Morley Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2014, it is learned that the company’s receivable from Spears Inc. is not collectible, and therefore, management authorizes a write-off of $4,300. (a) Prepare the journal entry to record the write-off. (b) What is the cash realizable value of accounts receivable before the write-off and after the write-off?

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