Prepare the journal entry for sheffield company to write off

Reference no: EM132700778

Problem 1: Prepare the journal entry for Sheffield Company to write off the Ramirez receivable.

At the end of 2020, Sheffield Company has accounts receivable of $640,000 and an allowance for doubtful accounts of $32,000. On January 16, 2021, Sheffield Company determined that its receivable from Ramirez Company of $4,800 will not be collected, and management authorized its write-off.

Reference no: EM132700778

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