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At the end of the year 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company found out that its receivable from Ordonez Company of $8,000 will not be collected and management authorized its prepare-off. 

a) Make the journal entry for Sorter Company to prepare off the Ordonez receivable.  

b) Describe the net realizable value of Sorter Company's accounts receivable before the prepare-off of Ordonez receivable? 

c) Describe the net realizable value of Sorter Company's accounts receivable after the prepare-off of Ordonez receivable? 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915945

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