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At year-end (December 31). Chan Company estimates its bad debts as 0.50% of its annual credit sales of $885.000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $443 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 View journal entry worksheet No Date Credit 1 Dec 31 General Journal Bad debts expense Allowance for doubtful accounts Debit 6,470 6.470 2 Feb 01 324 Allowance for doubtful accounts Accounts receivablo P. Park 324 3 Jun 05 324 Accounts receivable P.Park Allowance for doubtful accounts 324 4 Jun 05 324 Cash Accounts receivable P. Park 324 At each calendar year-end, Mazle Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $150,000, and it estimates that 5% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has (a) a $2,550 credit balance before the adjustment. (b) a $750 debit balance before the adjustment. View transaction list Journal entry worksheet > 1 2 Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has a $2,550 credit balance before the adjustment. Note: Enter debits before credits Transaction Credit Debit General Journal (a) View general Journal Record entry Clear entry Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $4,600 credit balance. 5 Note: Enter debits before credite General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,600 credit Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,100 debit. Shos View transaction list Journal entry worksheet