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.Prepare Chan's journal entries for the transactions.