(Answered) Gate city cycles had trouble collecting its account

Accounting

Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2012, Gate City finally wrote off Noel's $700 account receivable. Gate City turned the account over to an attorney, who hounded Noel for the rest of the year. On December 31, Noel sent a $700 check to Gate City Cycles with a note that said, ?oHere's your money. Please call off your bloodhound.

Requirement

1. Journalize the entries required for Gate City Cycles, assuming Gate City uses the direct write-off method.

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