At year-end (December 31). Chan Company estimates its bad debts as 0.60% of its annual credit sales of $688,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $344 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. nces View transaction list Journal entry worksheet 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 exercise 7-5 Percent of sales method; write-off LO at year-end (December 31), Chan Company estimates its bad deb Bad Debts Expense for that estimate. On the following February 1, writes it off as a bad debt. On June 5, Park unexpectedly pays the Prepare the journal entries for these transactions. View transaction list Journal entry worksheet 1 3 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date General Journal Feb 01 Debit delelse 7-5 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as Bad Debts Expense for that estimate. On the following February 1, Chan writes it off as a bad debt. On June 5, Park unexpectedly pays the amou Prepare the journal entries for these transactions. View transaction list Journal entry worksheet