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Prepare the journal entries to record this transaction

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Question - At the end of 2014, Carpenter Co. has accounts receivable of $789,240 and an allowance for doubtful accounts of $72,770. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,920. On March 4, 2015, Carpenter Co. receives payment of $5,920 in full from Megan Gray.

Prepare the journal entries to record this transaction.

Reference no: EM132060890

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