Exercise 7-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $837,000. Chan records its Bad Debts...

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Extracted text: Exercise 7-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $837,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $419 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. X Answer is not complete. No Date General Journal Debit Credit 1 Dec 31 Bad debts expense 4,185 O Allowance for doubtful accounts 4,185 O 2 Feb 01 Allowance for doubtful accounts 419 O Accounts receivable-P. Park 419 3 Jun 05 Sales discounts 419 O 419 4 Jun 05 Bad debts expense 419 < prev="" 2="" of="" 5="" next=""> here to search 92