At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $631,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $316 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 list Journal entry worksheet