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Prepare chan journal entries for the transactions

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Reference no: EM132974783

Problem - At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $908,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $454 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.

Required - Prepare Chan's journal entries for the transactions. Record the estimated bad debts expense.

Reference no: EM132974783

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