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Prepare the journal entry for crane company to write off

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Reference no: EM132944302

At the end of 2020, Crane Company has accounts receivable of $912,000 and an allowance for doubtful accounts of $45,600. On January 16, 2021, Crane Company determined that its receivable from Ramirez Company of $6,840 will not be collected, and management authorized its write-off.

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

Reference no: EM132944302

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