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Exercise 8-7 At December 31, 2018, Cheyenne Corp. Company had a credit balance of $15,500 in Allowance for Doubtful Accounts. During 2019, Cheyenne Corp. wrote
Exercise 8-7 At December 31, 2018, Cheyenne Corp. Company had a credit balance of $15,500 in Allowance for Doubtful Accounts. During 2019, Cheyenne Corp. wrote of accounts totaling $11,500. One of those accounts (51,700) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $22,800. Prepare journal entries to record the 2019 transactions of Cheyenne Corp. Company. (Credit account titles are automatically indented when amount is entered. De not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) (To reverse write-off) (To record collection of writeoft) (To record estimated bad debts for the year) Click if you would like to Show Work for this question: Open Show Work
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