Exercise 7-5 Percent of sales method; write-off LO P3 At year-end (December 31. Chan Company estimates its bad debts as 070% of its annual credit sales of $605,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $303 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 View transaction list ournal entry worksheet Record the estimated bad debts expense