Prepare the December journal entry to record the adjustment

Reference no: EM132722442

Question - Cheyenne Corp. had net sales in 2020 of $2.0 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $263,900 debit; Allowance for Doubtful Accounts $2,100 credit. Assume Cheyenne has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $31,500, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts.

Reference no: EM132722442

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