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At year-end December 31, Chan Company estimates its bad debts as 1.00% of its annual...

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Accounting

At year-end December 31, Chan Company estimates its bad debts as 1.00% of its annual credit sales of $702,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $351 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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