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Question - At the end of 2020, Monty Corp. has accounts receivable of $2.95 million and an allowance for doubtful accounts of $132,000. On January 16, 2021, Monty determined that its $24,400 receivable from Sandhill Co. will not be collected, and management has authorized its write off. On January 31, 2021, Monty received notification that the company will be receiving $0.20 for every $1.00 of accounts receivable relating to Carla Vista Co. The company had previously written off 100% of the amount due from Carla Vista ($56,000).
Required - Prepare the journal entry for Monty Corp. to write off the Sandhill receivable and any journal entry necessary to reflect the notice regarding Carla Vista Co.
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