$!$

Required information

$[$The following information applies to the questions displayed below$]$

At year$-$end December $31,$ Chan Company estimates its bad debts as $1\mathrm{.}00\%$ of its annual credit sales of $$771,000.$ Chan records its bad debts expense for that estimate. On the following February $1,$ Chan decides that the $$386$ 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 Chan's journal entries to record the transactions of December $31,$ February $1,$ and June $5.$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the estimated bad debts expense.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$December$],[31]],,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$