On January 1,Wolfie's Supply Sold $222 Worth of Goods to Customer

question 109

Essay

On January 1,Wolfie's Supply sold $222 worth of goods to customer Abe Smith on account.For several months,Wolfie's tried unsuccessfully to collect from the customer,and finally decided to write off the account.(Wolfie's uses the allowance method.)
Later in the year,however,the customer came in to Wolfie's,apologized for the late payment and handed over a check for $222.To properly record the recovery of an account previously written off,two journal entries are needed-one to restore the receivable previously written off,and one to record the cash receipt.Please show the second of these two entries.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

---

Definitions:

Plantation Economy

An economic system heavily based on agricultural production, often on a large scale, specializing in cash crops, and reliant on the labor of enslaved or indentured workers.

Colonization

The action or process of settling among and establishing control over the indigenous people of an area, often leading to the exploitation and cultural assimilation of those people.

Financng

The act of providing or securing funds or capital for business investment, purchase, or other monetary needs.