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At year-end (December 31). Chan Company estimates its bad debts as 0.40% of its annual...

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Accounting

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At year-end (December 31). Chan Company estimates its bad debts as 0.40% of its annual credit sales of $970,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $485 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., Journal entry worksheet 4 Record the estimated bad debts expense. focte i Erier debits before credits. Journal entry worksheet Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Journal entry worksheet 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Journal entry worksheet

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