At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $609,000. Chan records its bad debts expense for that estimate. On the following February 1. Chan decides that the $305 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. Exercise 7-10 (Algo) Percent of sales method; write-off LOP3 Prepare Chan's journal entries to record the transactions of December 31 , February 1 , and June 5