At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $779,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $390 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.
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