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Drake Consulting performs systems consulting and sells accounting software. Drake reviewed the receivables...

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Accounting

Drake Consulting performs systems consulting and sells accounting software. Drake reviewed the receivables list from the January transactions. Drake uses the allowance method for receivables, estimating uncollectibles to be 3% of January sales revenue of $10,800. Drake identified on February 15 that a customer was not going to pay his receivable of $180.
Requirements
Journalize the January 31 entry to record and establish the allowance using the percent-of-sales method for January sales revenue.
Journalize the entry to record the write-off of the customer's bad debt.
Requirement 1. Journalize the January 31 entry to record and establish the allowance using the percent-of-sales method for Januarycredit sales. (Round to the nearest whole dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
\table[[Date,Accounts and Explanation,Debit,Credit],[2017],[Jan.31,,,],[,,,],[,,,],[,7,,]]
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