At year end ,December 31,Chan Company estimates its bad debts as 0.50 % of its annual credit sales of 974.000 $. Chan records it's 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 the journal entries for these transactions. Record the estimated bad debts expense.Wrote off P Park account as uncollectible. Reinstated Park s previously written off account. Record the cash received on account.