3 At year-end (December 31). Chan Company estimates its bad debts as 040% of its

Question

3 At year-end (December 31). Chan Company estimates its bad debts as 040% of its annual credit sales of $876,000 aan record Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $438 account of P. Park is uncollectible writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off 5 nts Prepare the journal entries for these transactions. View transaction list eBook Journal entry worksheet Print Record the estimated bad debts expense. Note: Enter debits before credits Date Dec 31 Record entry Next > 3of8

Explanation / Answer

Debit Credit 1 Bad Debt Expense 3504 Allowance For Doubtfull debt 3504 2 Allowance For Doubtfull debt 438 Account Receviable 438 3 Account Receviable 438 Allowance For Doubtfull debt 438 4 Cash 438 Account Receivable 438

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