Question
At year-end (December 31), Chan Company estimates its bad debts as 0.40% 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 0.40% 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-off as a bad debt.
On June 5, Park unexpectly pays the amount previously written off.
Prepare Chan's journal entries for the transactions
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A Practical Guide To UK Accounting And Auditing Standards
Authors: Steve Collings
1st Edition
152650331X, 9781526503312
