Customer A owes XYZ Corp. $524. XYZ determines that the 1 answer below »

Customer A owes XYZ Corp. $524. XYZ determines that the total amount is uncollectible and writes off all of Customer A's debt. Customer A later pays $260 to XYZ Corp.

Required:
Make the appropriate journal entries (if any) to record the receipt of the $260 by XYZ Corp. assuming XYZ uses the allowance method.

 

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