At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit...

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At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. 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. Prepare the journal entries for these transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Debit Credit View general journal Clear entry > Journal entry worksheet 1 2 3 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date Feb 01 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Date Jun 05 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Record the cash received on account. Note: Enter debits before credits. Date Jun 05 Record entry General Journal Debit Credit View general journal Clear entry At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. 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. Prepare the journal entries for these transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Debit Credit View general journal Clear entry > Journal entry worksheet 1 2 3 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date Feb 01 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Date Jun 05 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Record the cash received on account. Note: Enter debits before credits. Date Jun 05 Record entry General Journal Debit Credit View general journal Clear entry