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Colt1911 [192]
3 years ago
6

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $896,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $448 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 Chan's journal entries for the transactions.
Business
1 answer:
Neporo4naja [7]3 years ago
5 0

Answer:

Explanation:

Dec 31:

Debit Bad debts expense = 0.003 × $896000 = $2688

Credit Allowance for doubtful accounts = $2688

February 1:

Debit Allowance for doubtful accounts $448

Credit Accounts receivable—P. Park $448

June 5:

Debit Accounts receivable—P. Park $448

Credit Allowance for doubtful accounts $448

June 5:

Debit Cash $448

Credit Accounts receivable—P. Park $448

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Answer:

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Explanation:

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3 years ago
eggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were pro
vivado [14]

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3 years ago
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an
xenn [34]

Answer:

-3.41%

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3 years ago
As of 2011, about how large was the world's human population, and about how long will it take to add another billion
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3 years ago
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Answer:

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5000+5000=10000

8 0
3 years ago
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