Business, 14.03.2020 00:28 trinity0929

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 and events of December 31, February 1, and June 5.

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At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of...