Max Corp uses the allowance method for its receivables. Max

5. Prior to the write-off of Jay Corporation’s account receivable, Max Corp’s receivables show a net realizable value (or cash realizable value, or carrying value) of $__________.

6. Max Corp’s journal entry to write off Jay Corporation’s accounts receivable will include a debit to __________

7. After the write-off of Jay Corporation’s account receivable, Max Corp’s receivables will report a net realizable value (or cash realizable value, or carrying value) of $__________