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Prepare the journal entries for transaction for chan company

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Reference no: EM132770070

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.

Problem 1: Prepare the journal entries for these transactions.

Reference no: EM132770070

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