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! Required information Use the following information for the Exercises 10-11 below. (Algo) ...

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Accounting

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Required information
Use the following information for the Exercises 10-11 below. (Algo)
[The following information applies to the questions displayed below.]
At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $763,000. Chan
records its bad debts expense for that estimate. On the following February 1, Chan decides that the $382 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.
Exercise 9-10(Algo) Percent of sales method; write-off LO P3
Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5.
Journal entry worksheet
Record the estimated bad debts expense.
Note: Enter debits before credits.
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