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Prepare the journal entry to record the write-off

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Question - At the end of 2021, Best Goods Co. has accounts receivable of $754,500 and an allowance for doubtful accounts of $23,960. On January 24, 2022, it is learned that the company's receivable from Electronic Guys Inc. is not collectible and therefore management authorizes a write-off of $4,624.

1. Prepare the journal entry to record the write-off.

2. What is the cash realizable value of the accounts receivable before the write-off and after the write-off?

Reference no: EM132430958

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