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At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $784,000. Chan records its Bad Debts Expense

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At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $784,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $392 account of P. Park

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