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On December 31, 2020, Extreme Fithess has adjusted balances of $820,000 in Accounts Receivable and...

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Accounting

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On December 31, 2020, Extreme Fithess has adjusted balances of $820,000 in Accounts Receivable and $59,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $12,000. Required: Assume that on February 2, 2021, Extreme Fithess received a payment of $700 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the reversal of a customer account previously written off in the amount of $700. Note: Enter debits before credits. Journal entry worksheet Record the receipt of cash of $700 from the customer. Note: Enter debits before credits

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