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Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $8,300 of its accounts receivable from Leer Co. 29 Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions.

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Answer:

Please find the journal entries in the explanation section

Explanation:

March 11

Dr Bad expense $8,300

Cr Accounts Receivable ---------------------------------------Leer Co. $8,300

(Being the write off of uncollectible accounts receivable)

March 29

Dr Accounts Receivable-- Leer Co $8,300

Cr Bad expense $8,300

(Being the reversal of the previous account write off)

March 29

Dr Cash $8,300

Cr Accounts Receivable------------------------------------------Leer Co$8,300

(Being cash receipt from the accounts receivable)

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