At year-end (December 31). Chan Company estimates its bad debts as 0.30% of its annual credit sales of $985,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $493 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