Question - At the end of 2014, Carpenter Co. has accounts receivable of $777,640 and an allowance for doubtful accounts of $58,520. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,710. On March 4, 2015, Carpenter Co. receives payment of $5,710 in full from Megan Gray.
Prepare the journal entries to record this transaction.