Business, 02.12.2020 16:20 501jmw

At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $654,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $327 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 Chan's journal entries for the transactions.

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At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales...

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