Required information [The following information applies to the questions displayed below] At year-end December 31. Chan Company estimates its bad debts as 0.70% of its annual credit sales of $979,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $490 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. Journal entry worksheet Notel Enter debits before credits: Journal entry worksheet 4 Wrote off P. Park's accpunt as uncollectible. Note: Enter debits before credits. Journal entry worksheet Reinstated Park's previously written off account. Note: Enter debits before credits. Prepare Chan's journal entries to record the transactions of December 31 , February 1, and June 5. Journal entry worksheet 1 3 Note: Enter deblts before credits