Chapter $09$ Homework $($i$)$

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At year$-$end December $31,$ Chan Company estimates its bad debts as $0\mathrm{.}90\%$ of its annual credit sales of $$601,000.$ Chan records its bad debts expense for that estimate. On the following February $1,$ Chan decides that the $$301$ 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.