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At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual...

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Accounting

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At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $740,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $370 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. View transaction list Dook Journal entry worksheet Hint 1 > Record the estimated bad debts expense. eferences Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Reinstated Park's previously written off account. ferences Note: Enter debits before credits. Dato General Journal Debit Credit Jun 05 Record entry Clear entry View general journal MC View transaction list Journal entry worksheet

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