FRS w year-end (Dece 5.000. Chan utes that the $5 December 31). Chan Company estimates its bad debts as 0.5% of its annual creant son Chan records its bad debts expense for that estimate. On the following February 1. Chan de bts as 0.5% of its annual credit sales of the 5580 account of P. Park is uncollectible and writes it off as had deht On June 5. Park un the following February 1, Chan de- ctedly pays the amount previously written off. are the journal entries of Chan to record these transactions and events of December 31, February 1, Exercise 7- Percent of sa we P3 RS und June 5