At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $940,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $470 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.

Journal entry worksheet 1 2 3 4 > Record the estimated bad debts expense. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. General Journ Debit Credit Date Feb 01 Record entry Clear entry View general journal Journal entry worksheet Reinstated Park's previously written off account. Note: Enter debits before credits. General Journal Debit Credit Date Jun 05 Record entry Clear entry View general journal Journal entry worksheet