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Prepare the journal entries to record this transaction

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Reference no: EM133144489

Question - At the end of 2021, Sheffield Corp. has accounts receivable of $696,800 and an allowance for doubtful accounts of $23,140.

1. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,248.

2. On March 4, 2022, Sheffield Corp. receives payment of $4,248 in full from Madonna Inc.

Prepare the journal entries to record this transaction.

Reference no: EM133144489

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