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 of January sales revenue of $ Drake identified on February that a customer was not going to pay his receivable of $
Requirements
Journalize the January entry to record and establish the allowance using the percentofsales method for January sales revenue.
Journalize the entry to record the writeoff of the customer's bad debt.
Requirement Journalize the January entry to record and establish the allowance using the percentofsales 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.
tableDateAccounts and Explanation,Debit,CreditJan
