At year - end December 3 1 , Chan Company estimates its bad debts as 0 .
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Question:
At yearend December Chan Company estimates its bad debts as of its annual credit sales of $ Chan records its bad debts expense for that estimate. On the following February Chan decides that the $ account of P Park is uncollectible and writes it off as a bad debt. On June Park unexpectedly pays the amount previously written off.
Prepare Chan's journal entries to record the transactions of December February and June
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