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Connect Homework - Chapter 7 Saved Help Save & Exit Submit Exercise 7-6 Percent of sales method; write-off LO P3 2 At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $856,000 Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $428 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. 1 Prepare Chan's journal entries for the transactions. points View transaction list eBook Print Journal entry worksheet References 3 Record the estimated bad debts expense Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Connect Homework Chapter 7 Help Submit Saved Save & Exit View transaction list 2 Journal entry worksheet > points Record the estimated bad debts expense. eBook Print Note: Enter debits before credits. References Debit Date General Journal Credit Dec 31 View general journal Record entry Clear entry .1 Connect Homework - Chapter 7 Saved Help Submit Save & Exit View transaction list 2 Journal entry worksheet 2 4 1 points Wrote off P. Park's account as uncollectible. ok Print Note: Enter debits before credits. References Date General Journal Debit Credit Feb 01 View general journal Clear entry Record entry Connect Homework Chapter 7 Save & Exit Saved Help Submit View transaction list 2 Journal entry worksheet 4 points Reinstated Park's previously written off account. eBook Print Note: Enter debits before credits. References Date General Journal Debit Credit Jun 05 Vew general fournal Record entry Clear entry Connect Homework Chapter 7 Submit Saved Help Save & Exit View transaction list 2 Journal entry worksheet 3 1 points Record the cash received on account. eBook Print Note: Enter debits before credits.. References General Journal Date Debit Credit Jun 05 Viaw general Journal Record entry Clear entry