Exercise 9-10 Percent of sales method; write-off P3 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 decides that the $580 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 Chan's journal entries to record the transactions of December 31. February 1, and June 5