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Assignment #4 (Ch. 7)
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At the end of 2013, Perez Corporation has accounts receivable of $1.3 million and an allowance for doubtful accounts
$80,000. On January 16, 2014, Perez determined that its $19,000 receivable from Morganfield Ltd. will not be collec
and management has authorized its writeoff. On January 31, 2014, Perez received notification that the company will
receiving $0.20 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written
100% of the amount due from McKinley ($63,000).
Your answer is correct.
Prepare the journal entry for Perez Corporation to write off the Morganfield receivable and any journal entry necessar
reflect the notice regarding McKinley Ltd.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and ent
0 for the amounts.)
To write off the Morganfield accounts:
Account Titles and Explanation
To reflect the notice regarding McKinley Ltd:
Account Titles and Explanation
Allowance for Doubtful Acco
Kieso, Intermediate Accounting, Tenth Canadian
Edition, Volume 1
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