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Accounting

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Required information
[The following information applies to the questions displayed below.]
At year-end December 31, Chan Company estimates its bad debts as 0.40% of its annual credit sales of
$655,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan
decides that the $328 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.
Determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each
transaction, indicate whether there would be an increase, decrease, or no effect, for Assets, Liabilities, and Equity.
Note: Leave no cells blank.
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