At year-end December 31, Chan Company estimates its bad debts as 0.80% of its annual credit sales of $693,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $347 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 to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense.