Exercise 9-5 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $717,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $359 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions.

John f. kennedy believed that a leader should be elected successful a lifelong student in the military

Factors like the unemployment rate,the stock market,global trade,economic policy,and the economic situation of other countries have no influence on the financial status of individuals. true or false

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?