At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit...

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At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $966,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $483 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. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit > Record entry Clear entry View general journal At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $966,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $483 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. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit > Record entry Clear entry View general journal