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Question - Pronghorn Ltd. has an April 30 year end. On April 30, 2018, Pronghorn's controller determined that 3% of its $336,000 account receivable balance would likely become uncollectible. The pre-closing credit balance in the allowance for doubtful accounts was $4,000.
On June 5, 2018, Pronghorn's controller wrote off a $3,100 account that was owed by Bright Construction after determining that this amount was not likely to be received.
On October 30, 2018, after taking legal action against Bright Construction, Pronghorn received 25% of the previously written-off amount.
Prepare the necessary journal entries to record the above transactions. Assuming that Pronghorn uses the allowance method for accounting for impairments of accounts receivable.
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