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 View transaction list Journal entry worksheet ho 1 > Record the estimated bad debts expense