(Answered) Refer to re7-6 on april 23 year 2 mckinney amp co receives

Accounting

Refer to RE7-6. On April 23, Year 2, McKinney & Co. receives a check from Mangold Corporation for $8,500.Prepare the journal entry for McKinney & Co. to record the collection of the account previously written off.

In RE7-6, At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.'s management decides that $8,500 due from Mangold Corporation will not be collectible.

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