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 Februory 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