Required information [The following information applies to the questions displayed below.] 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 . Journal entry worksheet 4 Note: Enter debits before credits. Journal entry worksheet Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Journal entry worksheet Reinstated Park's previously written off account. Note: Enter debits before credits. Journal entry worksheet Record the cash received on account. Note: Enter debits before credits