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Exercise 7-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company...

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Exercise 7-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $617,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $309 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 Journal entry worksheet

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