Required information [The following information applles to the questlons displayed below] At year-end December 31, Chan Company estimates its bad debts as 0.40% of its annual credit sales of $748,000. Chan records its bad debts expense for that estimate. On the following February 1. Chan decides that the $374 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. Prepore Chan's journal entries to record the transactions of December 31 . February 1, and June 5. [The following information applies to the questions displayed below.] At year-end December 31 , Chan Company estimates its bad debts as 0.40% of its annual records its bad debts expense for that estimate. On the following February 1, Chan decides Park is uncollectible and writes it off as a bad debt. On June 5. Park unexpectedly pays the Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits