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Required information [The following information applies to the questions displayed below.] At year-end December 31...

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Accounting

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Required information [The following information applies to the questions displayed below.] At year-end December 31 , Chan Company estimates its bad debts as 0.40% of its annual credit sales of $783,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $392 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 Chan's journal entries to record the transactions of December 31 , February 1 , and June 5. Record the estimated bad debts expense. Wrote off P. Park's account as uncollectible. Reinstated Park's previously written off account. Record the cash received on account

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