At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $859,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $430 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.

At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $859,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $430 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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 44P

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