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At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $852.000 Chan records its Bad Debts Expense
At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $852.000 Chan records its Bad Debts Expense for that estimate On the following February 1 , Chan decides that the $426 account of P. Park is uncollectible and writes it off as a bad debt. On June 5 , Park unexpecledly pays the amount previously written off Prepare the joumal entries of Chan to record these transactions and events of December 31 , February 1, and June 5
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