At yearend December Chan Company estimates its bad debts as of its annual credit sales of $ Chan records its Bad Debts Expense for that estimate. On the following February Chan decides that the $ account of P Park is uncollectible and writes it off as a bad debt. On June Park unexpectedly pays the amount previously written off.
Prepare Chan's journal entries for the transactions.
Journal entry worksheet
Record the estimated bad debts expense.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditDec
