On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Cheyenne Corp. estimates that 10% of its accounts receivable balance of $95,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Cheyenne Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when 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) Account Titles and Explanation Date (To reverse write-off) (To record collection of write-off) Debit Credit

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Cheyenne Corp. estimates that 10% of its accounts receivable balance of $95,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Cheyenne Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when 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) Account Titles and Explanation Date (To reverse write-off) (To record collection of write-off) 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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