Alcon Company decided to write off the $3,000 Wordel Corporation receivable
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Alcon Company decided to write off the $3,000 Wordel Corporation receivable

Alcon Company decided to write off the $3,000 Wordel Corporation receivable as uncollectible. Subsequently, Wordel makes a $950 payment on the account. Prepare journal entries for these two transactions.

Hint
Accounts & FinanceA journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry....

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