Required information Use the following information for the Exercises 10-11 below. (Algo) [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 $820,000. Chan records its bad debts expense for that estimate. On the following February 1 . Chan decides that the $410 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. Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 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 4 Note: Enter debts before credits: Journal entry worksheet Reinstated Park's previously written off account. Note: Enter debats before credits. Journal entry worksheet 12 Record the cash received on account Note: Enter debits before credits