! 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 9-10 (Static) 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 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal > View transaction list Journal entry worksheet < 1 2 3 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date February 01 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 Reinstated Park's previously written off account. Note: Enter debits before credits. Date June 05 General Journal Debit Credit View general journal Record entry Clear entry > View transaction list Journal entry worksheet < 1 2 3 + Record the cash received on account. Note: Enter debits before credits. Date June 05 General Journal Debit Credit > View general journal Record entry Clear entry