At the end of 2021, Windsor Co. has accounts receivable of $749,900 and an allowance for doubtful accounts of $23,580. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,564. (a)

Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

DR Allowance for Doubtful Debt                                  $4,564

      CR Accounts Receivable                                                          $4,564

Using the Allowance method means that an allowance has already been provided from which uncollectible accounts will be deducted from.

When an amount is uncollectible therefore, it will be debited to the Allowance account to reduce it. Accounts receivable will be credited to recognise that a receivable is now uncollectible.

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answer(d) the growth of consumption is likely to remain sluggish even as the economy begins to recover.;