4 At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $781,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $391 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. points Skipped View transaction list Journal entry worksheet eBook Hint Record the estimated bad debts expense Print Note: Enter debits before credits. Re erences Credit Date General Journal Debit Dec 31 Record entry Clear entry View general journal 5 Mazie Supply Co. uses the percent of accounts recelvable method. On December 31, it has outstanding accounts recelvable of $145,500, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: points (a) a $2,474 credit balance before the adjustment. (b) a $728 debit balance before the adjustment. eBook View transaction list Hint Journal entry worksheet Print Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $728 debit balance before the adjustment. Re erences Note: Enter debits before credits. Debit Credit ransaction General Journal Allowance for doubtful accounts Bad debts expense