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Prepare the journal entries to record the March transaction

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Question - At the end of 2022, Pharoah Co. has accounts receivable of $762,200 and an allowance for doubtful accounts of $60,300. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,800. On March 4, 2023, Pharoah Co. receives payment of $5,800 in full from Megan Gray. Prepare the journal entries to record the March 4, 2023, transaction.

Reference no: EM133115972

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