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E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000.
E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off. Instructions(a) Prepare the journal entry for Aramis Company to write off the Ramirez receivable.(b) What is the net realizable value of Aramis Company's accounts receivable before the write-off of the Ramirez receivable?(c) What is the net realizable value of Aramis Company's accounts receivable after the write-off of the Ramirez receivable?
