At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts
as 0.40% of its annual credit sales of $979,000. Chan records its
Bad Debts Expense for that estimate. On the following February 1,
Chan decides that the $490 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
| Dec 31 | Bad debts expense | 3916 | |
| Allowance for Doubtful Accounts | 3916 | ||
| (979,000*0.4%) | |||
| Feb 1 | Allowance for Doubtful Accounts | 490 | |
| Accounts Receivable - P park | 490 | ||
| June 5 | Accounts Receivable - P park | 490 | |
| Allowance for Doubtful Accounts | 490 | ||
| June 5 | Cash | 490 | |
| Accounts Receivable - P park | 490 |
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