At the end of 2019, Splish Brothers Inc. has accounts receivable of $778,100 and an...
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Accounting
At the end of 2019, Splish Brothers Inc. has accounts receivable of $778,100 and an allowance for doubtful accounts of $63,200. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,400.
1) Prepare the journal entry to record the write-off.
2) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off?
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