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At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual...

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Accounting

At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $672,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $336 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
1
2
3
4
Record the estimated bad debts expense.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[Dec 31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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