At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31 At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions. View transaction list Journal entry worksheet 1 2 3 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01
At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31 At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions. View transaction list Journal entry worksheet 1 2 3 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad
Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions.
View transaction list
Journal entry worksheet
1
2
3
4
Record the estimated bad debts expense.
Note: Enter debits before credits.
Debit
Date
General Journal
Credit
Dec 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e6f79b5-3726-460b-8acf-af82b392005c%2Ff56b9d5f-bd3d-4282-921a-aa49c66f8dc2%2Fjbem37a.png&w=3840&q=75)
Transcribed Image Text:At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad
Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions.
View transaction list
Journal entry worksheet
1
2
3
4
Record the estimated bad debts expense.
Note: Enter debits before credits.
Debit
Date
General Journal
Credit
Dec 31
![At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad
Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions.
View transaction list
Journal entry worksheet
1
2
3
Wrote off P. Park's account as uncollectible.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 01](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e6f79b5-3726-460b-8acf-af82b392005c%2Ff56b9d5f-bd3d-4282-921a-aa49c66f8dc2%2Fv0fz72.png&w=3840&q=75)
Transcribed Image Text:At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad
Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 for the transactions.
View transaction list
Journal entry worksheet
1
2
3
Wrote off P. Park's account as uncollectible.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 01
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