At year-end (December 31), Johny's Company estimates its bad debts as 0.20% of its annual...
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At year-end (December 31), Johny's Company estimates its bad debts as 0.20% of its annual credit sales of $671,000. Johny records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $336 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. Prepare the journal entries for these transactions. . Journal entry worksheet 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry V View general journal Clear entry INNES LILL Journal entry worksheet 34 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits Date General Journal Debit Credit Feb 01 Record entry Clear entry View general journal Journal entry worksheet
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