Chapter 7: Homework Help Save & Exit Submit Check my work 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 1.42 points Prepare the journal entries for these transactions Book View transaction list Hint Print Journal entry worksheet References 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31