Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $724,000. Chan records its bad debts expense for that estimate. On the following February 1 , Chan decides that the $362 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 Record the estimated bad debts expense. 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 1 Record the cash received on account. Note: Enter debits before credits