At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $767,000. Chan re

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At Year End December 31 Chan Company Estimates Its Bad Debts As 1 00 Of Its Annual Credit Sales Of 767 000 Chan Re 1 (282.87 KiB) Viewed 29 times

At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $767,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $384 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 1 2 Date Dec 31 3 Record the estimated bad debts expense. Note: Enter debits before credits. 4 Record entry General Journal Bad debts expense Allowance for doubtful accounts Clear entry Debit Credit View general journal