At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual...
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Accounting
At yearend December Chan Company estimates its bad debts as of its annual credit sales of $ Chan records its Bad Debts Expense for that estimate. On the following February Chan decides that the $ account of P Park is uncollectible and writes it off as a bad debt. On June Park unexpectedly pays the amount previously written off.
Prepare Chan's journal entries for the transactions.
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