Required information [The following information applies to the questions displayed below.] At year-end December 31 , Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its bad debts expense for that estimate. On the following February 1 , Chan decides that the $580 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. 3. Reinstated Park's previsly written off account. 4. Record the cash received on occount. 2) Fed 01 3) Inae 15 4) June OS At December 31 , Folgeys Coffee Company reports the following results for its calendar year. Its year-end unadjusted trial balance includes the following items. Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable. Journal entry worksheet Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. Note: Enter debits before credits. Required Information [The following information applies to the questions displayed below.] At December 31 , Hawke Company reports the following results for its calendar year. In addition, Its unadjusted trial balance Includes the following Items. Requlred: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts recelvable are uncollectible. Adjusting entrles (all dated December 31). Journal entry worksheet Bad debts are estimated to be 1.5% of credit sales. Note: Enter debits before credits. Required Information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. In addition, Its unadjusted trial balance Includes the following Items. Bad debts are estimated to be 1.5% of credit sales. Show how Accounts Recelvable and the Allowance for Doubtful Accounts pear on Its December 31 balance sheet. Required Information [The following information applies to the questions displayed below.] At December 31 , Hawke Company reports the following results for its calendar year. In addition, Its unadjusted trial balance Includes the following Items. An aging analysis estimates that 5% of year-end accounts recelvable are uncollectlble. Show how Accounts Recelvable and the lllowance for Doubtful Accounts appear on its December 31 balance sheet