Business College

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $896,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $448 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.

Answers

Answer 1

Answer:

Explanation:

Dec 31:

Debit Bad debts expense = 0.003 × $896000 = $2688

Credit Allowance for doubtful accounts = $2688

February 1:

Debit Allowance for doubtful accounts $448

Credit Accounts receivable—P. Park $448

June 5:

Debit Accounts receivable—P. Park $448

Credit Allowance for doubtful accounts $448

June 5:

Debit Cash $448

Credit Accounts receivable—P. Park $448

Related Questions

The following data relate to direct materials for the month for the Hodge Wax Company: The standard costs for the work done was 5,900 pounds of wax at $9.50 per pound. The actual costs were 6,300 pounds at $9 per pound. What is the direct materials efficiency variance

Answers

Answer: $3800 U

Explanation:

The direct material efficiency variance will be calculated as follows:

Direct material efficiency variance = (Standard quantity - Actual quantity) × Standard price of material

= (5900 - 6300) × 9.50

= 400 × 9.50

= $3800 U

Therefore, the direct material efficiency variance is $3800 Unfavorable.

o What’s the Difference Between Non-Formal and Informal Learning

Answers

Answer:

I hope this will help you

Other Questions
When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: . The measure of two complementary angles are 2x degree and 3x degree, then value of x is Sydney finished all his work on time, but many of his teammates still struggled to complete their assignments. What should he do? a) Not to be distracted. They may lag further. q) listen to them complain about their workload c) help them complete their work d) share their thoughts on how to get their work done faster Please help me solve this Select the best answer to describe this group of words. Stop talking so loudly. 1.) fragment with no predicate 2.) simple sentence with an understood subject 3.) fragment with no subject 4.) compound sentence with an understood subject Write an expression representing the unknown quantity.There are 5,682,953 fewer men than women on a particular social media site. If x represents the number of women using that site, write an expression for the number of men using that site.The expression for the number of men is . please arrive early for us to start the meeting on time. (so that) ason Kimble's study of the Archaea in Snowy River in Fort Stanton Cave showed that Archaea play an important role in __________. Economists can use new technology to .Reliable scholarly source is always stressed in academic writing because Express 3.023 in P form where p and q are integers and q= 0 D Find the slope, if it exists, of the line containing the points (10,-3) and (10,-8).Select the correct choice below and, if necessary, fill in the answer box to complete your choice.m= This is a list of the heights ( each nearest cm ) of 12 children150 134 136 139 131 141132 134 136 137 150 146Select the type of the data.DiscreteContinuousCategoricalQualitativechoose oneNO FAKE ANSWERS FIRST MARKED BRAINLIST A machine with velocity ratio of 5 is used to raise a load with an effort of 500N . If the machine is 80% efficient , determine the magnitude of the load. Second time posting this. Please help!! :) A diver begins at 140 feet below sea level. She descends at a steady rate of 7 feet per minute for 4.5 minutes. Then, she ascends 112.2 feet. What is her current depth?Negative 549.3 feetNegative 59.3 feet59.3 feet549.3 feet Synovec Company is growing quickly. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 4 percent thereafter. If the required return is 10 percent, and the company just paid a dividend of $2.65, what is the current share price Give the order of symmetry from the fig 3a)2b)3c)6d)4 What is the purpose of the Arctic Circle?The Arctic Circle is an actual line. It marks the southernmost latitude at which the sun does not rise at least one day a year, and does not set at least one day a year. This makes for long days in summer and long nights during winter.The Arctic Circle is an imaginary line. It marks the northernmost latitude at which the sun does not rise at least one day a year, and does not set at least one day a year. This makes for long days in summer and long nights during winter.The Arctic Circle is an imaginary line. It marks the southernmost latitude at which the sun does not rise at least one day a year, and does not set at least one day a year. This makes for long days in summer and long nights during winter.The Arctic Circle is an actual line. It marks the northernmost latitude at which the sun does not rise at least one day a year, and does not set at least one day a year. This makes for long days in summer and long nights during winter. how are Nepalese people interrelated to each other?