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At the end of 2017 Searcy Corp has accounts receivable of $480000 and an allowance for doubtful accounts of $29000 On January 24 2018 Searcy learns that its

At the end of 2017, Searcy Corp. has accounts receivable of $480,000 and an allowance for doubtful accounts of $29,000. On January 24, 2018, Searcy learns that its $11,000 receivable from Hutley Inc. is not collectible. Management authorizes a write off. (a) Prepare the journal entry to record the write off. (b) What is the carrying amount of the accounts receivable (1) before the write off and (2) after the write off?

May 09 2020 View more View Less

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