1 At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $973,000. Chan records Its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $487 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. 8.75 points 02:59:12 View transaction list eBook Hint D Journal entry worksheet 1 23 4 Record the estimated bad debts expense. References Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal 1 8.75 points 02.58-31 At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $973,000. Chan records Its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $487 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 let eBook Hint References 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. journal entry has been entered Note: Record entry Credit Clear entry View general journal