delet backspace enter T shift prt sc e Reviews Videos Features Specs Support Standard data rates may apply pause USE YOUR SMARTPHONE FOR DEO SCAN ctri Chapter 9 Accounting for Receivables Exercise 9. Percent of sa write-off At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its bad debts expense for that estimate. On the following February 1, Chan de- cides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park un- expectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. P3 1