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Need help asap! Will like! At year end December 31 , Chan Company estimates its bad debts as 0.80% of its annual credit sales of
Need help asap! Will like!
At year end December 31 , Chan Company estimates its bad debts as 0.80% of its annual credit sales of $944,000. Chan records its bad debts expense for that estimate. On the following February 1 , Chan decides that the $472 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. epare Chan's journal entries to record the transactions of December 31. February 1 and June 5. Journal entry worksheetStep by Step Solution
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