At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $746,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $373 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.
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- Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On June 11, Olena Mirrors identifies one uncollectible account from Nadia White in the amount of $4,265. On September 14, Nadia Chernoff unexpectedly pays $1,732 toward her account. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. June 11, 2018 identification entry C. Entry for payment on September 14, 2018On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
- At year-end (December 31), Chan Company estimates its bad debts as 0.90% of its annual credit sales of $639,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $320 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 Record the estimated bad debts expense. Note: Enter debits before credits. Date Dec 31 4 Record entry General Journal Clear entry Debit Credit View general journalAt year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $917,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $459 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.At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $945,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $473 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. Prev Question 4 of 5 Total Please use the numbers indicated in my question and place solutions on journals indicated per assignment instructions.
- At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $676,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $338 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. Journal Entry Worksheet 1.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.At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $817,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $409 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. Record the estimated bad debts expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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.
- At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 K1 2 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Date General Journal Debit Credit Jun 05At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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. Debit Date General Journal Credit Dec 31At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 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 Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense Note: Enter debits before credits. General Journal Date Debit Credit Dec 31 Record entry Clear entry View general journal