At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $823,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $412 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 the journal entries for these transactions.

Explanation:

The journal entries are as follows

On December 31

Bad debt expense Dr  $4,115        ($823,000 × 0.50%)

       To Allowance for doubtful debts  $4,115

(Being the bad debt expense is recorded)      

On Feb 01

Allowance for doubtful debts Dr $412

      To Account receivable $412

(Being the uncollectible amount is recorded)

On June 5

Account receivable $412

          To Allowance for doubtful debts Dr $412

(Being the  uncollectible amount is recorded)

On June 5

Cash Dr $412

   To Account receivable $412

(Being the cash received is recorded)

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

answer; according to the ( irs );