Required information Use the following information for the Exercises 10-11 below. (Static) [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. Exercise 7-10 (Static) 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. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Debit Credit