Hello, I need help with the following question(s): rConnect xC Chegg Study | Gui

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Hello, I need help with the following question(s):

rConnect xC Chegg Study | Guided So X ? | Secure l https://newconnect.mheducation.com/flow/connect.html Ch 7 Exercises Help Save & Exit Submit Saved Check my work 13 Exercise 7-5 Percent of sales method; write-off LO P3 3.88 pcinis At year-end |December 31, Chan Company estimates its bad debts as 0 5% of its annual credit sales of $975,000. 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. eBook Prepare the Journal entries for these transactions Hint View transaction list Piint References Journal entry worksheet Record the estimated bad debts expense Note: Enter debits before credits Date General Journal Debit Credit Mc Graw 805 PM O Type here to search ^ 41) 7/10/2018 |

Explanation / Answer

Journal entries Date Accounts title and explanations Debit $ Credit $ 31-Dec Bad debts expense Account Dr. 4875.00      Allowance for uncollectible accounts 4875.00 1-Feb Allowance for uncollectibles account Dr. 580.00     Accounts receivable Account 580.00 5-Jun Accounts receivable Account Dr. 580.00     Allowance for uncollectible account 580.00 5-Jun Cash account Dr. 580.00     Accounts receivable account 580

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