Question: this is one complete problem please answer correctly and all parts. i have listed it all above. thank you. At year-end (December 31), Chan Company

 this is one complete problem please answer correctly and all parts.
i have listed it all above. thank you. At year-end (December 31),
Chan Company estimates its bad debts as 0.70% of its annual credit
sales of $768,000. Chan records its Bad Debts Expense for that estimate.
On the following February 1, Chan decides that the $384 account of
P. Park is uncollectible and writes it off as a bad debt.
this is one complete problem please answer correctly and all parts. i have listed it all above. thank you.

At year-end (December 31), Chan Company estimates its bad debts as 0.70% of its annual credit sales of $768,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $384 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 the journal entries for these transactions. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 Bad debts expense View transaction list View journal entry worksheet RE :X: Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account. 4 Record the cash received on account. View transaction list Journal entry worksheet

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