Help Save Required information Use the following information for the Exercises 10-11 below. (Algo) (The following information applies to the questions displayed below.) At year-end December 31. Chan Company estimates its bad debts as 0.70% of its annual credit sales of $616,000. Chan records its bad debts expense for that estimate. On the following February 1 Chan decides that the $308 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. 145 Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction that Journal entry worksheet 2 3 4 Record the estimated bad debts expense. Help S Required information Use the following information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below) At year-end December 31, Chon Company estimates its bad debts as 0.70% of its annual credit sales of $616,000. Chan records its bad debts expense for that estimate. On the following February 1 Chan decides that the $308 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. -22 Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 2 3 4 Wrote off P. Park's account as uncollectible, Note: Enter debits before credits Required information Use the following information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below.) At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $ records its bad debts expense for that estimate. On the following February 1, Chan decides that the $308 Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previc xercise 7-10 (Algo) Percent of sales method; write-off LO P3 repare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet Reinstated Park's previously written off account. Note: Enter debits before credits. Required information Use the following information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below.) At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $616,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $308 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 Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 1 2 3 Record the cash received on account. Note Enter debits before credits
