At year-end (December 31), Chan Company estimates its bad debts as 0.70% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 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. View transaction list X: 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. Credit