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P8-42 Accounting for uncollectible accounts using the
allowance method [15–20 min]                  
This problem continues the Draper Consulting situation from
Problem 7-42 of Chapter 7   
Draper reviewed the receivables list from the January
transactions (from Chapter 6). Draper identified on February 15
that a customer was not going to pay his receivable of $200 from
December 9. Draper uses the allowance method for receivables,
estimating uncollectibles to be 5% of January credit sales.
                
       
Requirements
                       
1. Journalize the entry to record and establish the allowance
using the percentage method for January credit sales.
                       
2. Journalize the entry to record the identification of the
customer’s bad debt.            
      

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