2.Wrote off P. Park's account as uncollectible.

3.Reinstated Park's previously written off account.

4. Record the cash received on account.

  

2. March 9 - Record the reinstatement of Green's account, assuming no additional money is expected.

3. March 9 - Record the cash receipt from Green.

Transcribed Image Text:

! Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $915,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $458 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 to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 1 2 Date December 31 3 Record the estimated bad debts xpense. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > ! Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $915,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $458 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 to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 1 2 Date December 31 3 Record the estimated bad debts xpense. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal >

Answer rating: 100% (QA)

1 Chan Companys Journal Entries Date December 31 Debit Bad Debts Expense 8235 915000 090 Credit Allo... View the full answer