At year-end (December 31), The Company estimates its bad debts as 0.50% of its annual credit sales of $616,000. The Company records its Bad Debts Expense for that estimate. On the following February 1, The Company decides that the $308 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.
Required:
a. 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.

The journal entries are as follows

On December 31

Bad debt expense Dr  $3,080     ($616,000 × 0.50%)

      To Allowance for doubtful debts  $3,080

(Being the estimated bad debt expense is recorded)      

On Feb 01

Allowance for doubtful debts Dr $308

     To Account receivable $308

(Being the written off amount is recorded)

On June 5

Account receivable $308

      To Allowance for doubtful debts Dr $308

(Being the uncollected amount is recorded)

On June 5

Cash Dr $308

  To Account receivable $308

(Being the cash received on account is recorded)

going on the gulag might you to find a better answer for that problem

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know