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At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual...

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Accounting

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At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $810,000. Chan records its bad debts expense for that estimate, On the following February 1 , Chan decides that the $405 account of P. Park is uncoliectible and writes it off as a bad debt. On June 5. Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5 . 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3. Reinstated Park's previously written off account. 4 Record the cash received on account

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