Business

Morgan Lynch

26 May, 11:26

At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $751,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $376 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.

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