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 0.80% of its annual credit sales of $966,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $483 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 Record the estimated bad debts expense. Note: Enter det Accounts payable-P. Park Accounts receivable P. Park 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 0.80% of its annual credit sales of $966,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $483 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 Wrote off P Darb'e serniunt se innrollortihlo Note: Enter de 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 0.80% of its annual credit sales of $966,000. Chan records its bad debts expense for that estimate. On the following February 1 , Chan decides that the $483 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 Reinstated Park's previously written off account. Note: Enter 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 0.80% of its annual credit sales of $966,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $483 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 N1