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Nuetrik [128]
3 years ago
8

At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $823,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $412 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.
Business
1 answer:
Rudiy273 years ago
5 0

Explanation:

The journal entries are as follows

On December 31

Bad debt expense Dr  $4,115        ($823,000 × 0.50%)

       To Allowance for doubtful debts  $4,115

(Being the bad debt expense is recorded)      

On Feb 01

Allowance for doubtful debts Dr $412

      To Account receivable $412

(Being the uncollectible amount is recorded)

On June 5

Account receivable $412

          To Allowance for doubtful debts Dr $412

(Being the  uncollectible amount is recorded)

On June 5

Cash Dr $412

   To Account receivable $412

(Being the cash received is recorded)

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[ find attachments for complete solutions]

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5 0
3 years ago
A company had average total assets of $955,000. Its gross sales were $1,108,000 and its net sales were $940,000. The company's t
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3 years ago
Read 2 more answers
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