Question

Drake Consul ng perform syst s consulting and sells accoun ng software. Drake reviewed the receivables list Requirements s from the January transactions. Drake uses the allowance method for receivables, estimating uncollectibles to be 1. Joumalize the January 31 entry to record and establish the allowance using the percent-of-sales method for 4% of January sales revenue of $9.900. Drake identified on February 15 that a customer was not going to pay his January sales revenue. receivable of $250. 2. Journalize the entry to record the write-off of the customers bad debt. Requirement 1. Joumalize 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.) Debit Credit Accounts and Explanation Date 2017 Jan. 31

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