Cheyenne Limited had net sales in 2023 of $2.0 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237.600 debit: Allowance for Expected Credit Losses $3,500 debit. Assuming Cheyenne has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $25,800, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Cheyenne Limited had net sales in 2023 of $2.0 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237.600 debit: Allowance for Expected Credit Losses $3,500 debit. Assuming Cheyenne has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $25,800, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At December 31, 2019, Blue Spruce Corp. Company had a credit balance of $17,000 in Allowance for Doubtful Accounts. During 2020, Blue Spruce Corp. wrote off accounts totaling $13,400. One of those accounts ($2,700) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $28,800.Prepare journal entries to record the 2020 transactions of Blue Spruce Corp. Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount enter an account title to reverse write-off enter a debit…
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