Required information Use the following information for the Exercises 1011 below. (Algo) [The following information applles 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 $813,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $407 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. ixercise 7-10 (Algo) Percent of sales method; write-off LO P3 repare 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. Feutei frabr detohs tedirs irefins. Journal entry worksheet Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Journal entry worksheet 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Journal entry worksheet