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looking for clear well wrote out answers At year-end (December 31). Chan Company estimates its bad debts as 0.80% of its annual credit sales of
looking for clear well wrote out answers
At year-end (December 31). Chan Company estimates its bad debts as 0.80% of its annual credit sales of $744.000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $372 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written of Prepare Chan's journal entries for the transactions. 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Che 1 26 3 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits Date General Journal Debit Credit Feb 01 Record entry Clear entry View general journal 2 4 10 Reinstated Park's previously written off account. Note: Enter debits before credits. Date General Journal Debit Credit Jun 05 ces Record entry Clear entry View general journal 2 WG 2 Record the cash received on account. Note: Enter debits before credits General Journal Debit Credit Date Jun 05 Record entry Clear entry View general journal Step by Step Solution
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