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 Prepare Chan's journal entries to record the transactions of December 31 , February 1, and June 5. Prepare Chan's journal entries to record the transactions of December 31 , February 1 , and June 5. Journal entry worksheet Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. 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 debits before credits. Prepare Chan's journal entries to record the transactions of December 31 , February 1 , and June 5 . Journal entry worksheet Record the cash received on account. Note: Enter debits before credits