Exercise 7-20 (Part Level Submission)

Presented below is information for Cheyenne Company.

1.		Beginning-of-the-year Accounts Receivable balance was $16,500.
2.		Net sales (all on account) for the year were $103,300. Cheyenne does not offer cash discounts.
3.		Collections on accounts receivable during the year were $87,200.

Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Debit Credit