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At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc. is not collectible and therefore management authorizes a prepare-off of $2,000. On March 4, 2012, Tatum Co. receives payment of $2,000 in full from Novinger Inc.

Prepare the journal entries to record the payment.

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