At year-end (December 31). Chan Company estimates its bad debts as 0.70% of its annual credit sales of $668,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the 5334 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 View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Notet Enter debits before credits Debit General Journal Date Credit Dec 31 Record entry Clear entry View general Journal Okl Company pays $293,000 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment 1. During the second year of the equipment's life. $13,900 cash is paid for a new component expected to increase the equipment's productivity by 10% a year, 2. During the third year. $3,475 cash is paid for normal repairs necessary to keep the equipment in good working order 3. During the fourth year. $6.850 is paid for repairs expected to increase the useful life of the equipment from four to five years. View transaction list Journal entry worksheet