Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.40% of its annual credit sales of $858,000. Chan records its bad debts expense for that estimate. On the following February 1 , Chan decides that the $429 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