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4 Exercise 9-6 Percent of sales method; write-off LO P3 20 points At year-end (December...

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Accounting

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4 Exercise 9-6 Percent of sales method; write-off LO P3 20 points 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. Prepare Chan's journal entries for the transactions. eBook Ask View transaction list X: 1 Record the estimated bad debts expense. > 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account. 4 Record the cash received on account. Credit Journal entry worksheet

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