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At year-end December 31, Chan company estimates its bad debts as 0.60% of its annual...

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Accounting

At year-end December 31, Chan company estimates its bad debts as 0.60% of its annual credit sales of $612,000. Chan records its bad debts expense for that estimate. On the folloeing February 1, Chan decides that the $306 account of P. Park is unclollectible and ewrites it off as a bad debt. On June 5, Park unexpectedly pays they amount previously written off.

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