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

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Accounting

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At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $955,000. Chan records its Bad Debts Expense for that estimate. On the following February 1. Chan decides that the $478 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. View transaction list Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry

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