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 0.20% of its annual credit sales of $738,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $369 account of P. Park is uncollectible and writes it off as a bad debtOn 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. View transaction list Journal entry worksheet