At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $775,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $388 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