1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Elis [28]
3 years ago
13

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $656,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $328 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 the journal entries for these transactions.

1. Record the estimated bad debts expense.

2. Record the entry to write off P. Park's account as uncollectible.

3. Record the reinstatement of Park's previously written off account.

4. Record the cash received on account.
Business
1 answer:
mart [117]3 years ago
3 0

Explanation:

The journal entry is given below:-

1.  Bad debt expense Account Dr                  $1,968

($656,000 × 0.30%)

           To Allowance for doubtful debts                 $1,968

( To record the bad debt expense)

2. Allowance for doubtful debts Dr                $328

         To Account receivable                                      $328

(To record the written off amount)

3. Account receivable                                     $328

            To Allowance for doubtful debts                   $328

(Being to record the reinstatement)

4. Cash Dr                                                        $328

             To Account receivable                                  $328

(To record the cash received)

You might be interested in
A ____ is drawn on a financial institution and is payable upon demand?
Molodets [167]

Answer: check

Explanation:

A <em>check</em> is drawn on a financial institution and is payable upon demand.

7 0
4 years ago
Read 2 more answers
When people are led to think about their own _____, they are more attracted to a charismatic leader.
Naily [24]

When people are led to think about their own death they are more attracted to a charismatic leader.

The German sociologist Max Weber invented the idea of charismatic authority. It involves a kind of organisation or leadership where the leader's charisma confers authority. This contrasts with two other sorts of authority, namely traditional authority and legal authority. The three categories of authority that Max Weber identified are comprised of each of the three sorts.

The first time the word "charisma" came into use was in Saint Paul's writings to the fledgling Christian communities in the first century.

Learn more about Charismatic here

brainly.com/question/28099781

#SPJ4

5 0
1 year ago
25 points
drek231 [11]

Answer:

transition color

Explanation:

i just finished the test

6 0
3 years ago
An entrepreneur would most likely be a
Alexus [3.1K]

Answer:

C) person who works well alone

Explanation:

5 0
3 years ago
a car is purchased for $43,000. each year it loses 25% of its value. after how many years will the car be worth $9200 or less? (
Snowcat [4.5K]

After a car is purchased at $43000 and looses 25% worth every year then the car will be worth $9200 or less after four(4) years.

What does Purchase mean?

Purchase is a term used to refer to the acquisition of goods or services in exchange for money. It is a common business transaction and can involve buying something outright or entering into an agreement to pay for it over time.

What does Services mean?

Services is a broad term that refers to any type of work or activity performed to meet the needs of a customer. Services can range from professional services like accounting or consulting to tangible products like food or clothing. Services are typically intangible in the sense that they cannot be touched, felt, or seen, but the benefits they provide are very real.

As per the price of the car which is $43,000  and it looses 25% each year which is $10750. From this we come to know that the car will  be worth of $9200 or less within 4 years.

To know more about Purchase,

brainly.com/question/27975123

#SPJ4

5 0
1 year ago
Other questions:
  • The manager of a bank branch is concerned about the number of mistakes the tellers were making, so he started manipulating diffe
    11·1 answer
  • Which of the following is a common factor of failure for small businesses?
    13·2 answers
  • Henncom, a company that manufactures computer spare parts, runs its operations in a small office. Owing to the increase in the d
    14·1 answer
  • Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for t
    9·1 answer
  • On January 1, 2012, Albert invested $6,000 at 8 percent interest per year for three years. The CPI (times 100) on January 1, 201
    6·1 answer
  • Identify and describe the three steps that the team should follow in order to define project scope and create a project scope st
    11·1 answer
  • Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three
    12·1 answer
  • The opportunity cost of a decision is measured in terms of
    14·1 answer
  • The purpose of domains in a typical IT infrastructure is to: a. help organize the roles, responsibilities, and accountabilities
    13·1 answer
  • Baruch co. has 8% coupon bonds on the market that have 10 years left to maturity. The bonds will make annual payments. If the YT
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!