Required intormation Use the following information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $674,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $337 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. Exercise 7-10 (Algo) Percent of sales method; write-off LOP3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet 4 Record the estinated bad debts expense. Note: Inter debits before credits. Use the following information for the Exercises 1011 below. (Algo) [The following information applies to the questions displayed below] At year-end December 31 , Chan Company estimates its bad debts as 0.70% of its annual credit sales of $674,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $337 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. Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Required intormation Use the following in formation for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $674,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $337 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. Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Reinstated Park's previously written off account. Note; Enter debits before credits. Required intormation Use the following information for the Exercises 1011 below. (Algo) [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $674,000. Chan At yeards its bad debts expense for that estimate. On the following February 1, Chan decides that the $337 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. Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Record the cash received on account. Note: Enter debits before credits
