At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts
as 1% of its annual credit sales of $487,500. 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.
Prepare Chan's journal entries for the transactions.
Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| December 31 |
Bad debt expenses Allowance for doubtful accounts |
$4875 . |
. $4875 |
| February 1 |
Allowance for doubtful accounts Accounts receivable |
$580 . |
. $580 |
| June 5 |
Accounts receivable Allowance for doubtful accounts |
$580 . |
. $580 |
| June 5 |
Cash Accounts receivable |
$580 . |
. $580 |
Where,
Estimates of bad debts = $487500 x 1% = $4875
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