At year-end (december 31), chan company estimates its bad debts as 1.00% of its annual credit sales of $794,000. chan records its bad debts expense for that estimate. on the following february 1, chan decides that the $397 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.1. record the estimated bad debts expense.2. record the entry to write off p. park's account as uncollectible.3. record the reinstatement of park's previously written off account.4. record the cash received on account.

Payday loans could be considered as a. illegal b.subprime lending c. good deal for borrower d. for frequent use

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

What is a sort of auction for stocks in which traders verbally submit their offers?