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Business, 09.02.2021 01:00 kmontanab00

At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $641,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $321 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.

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At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales...
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