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  3. at year-end (december 31), chan company estimates

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual...

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Accounting

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $829,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $415 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.

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