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Show the journal to establish the bad debt allowance

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Question - Turtle Island Tours uses the % of Accounts Receivable method to calculate their allowance and the rate they use is 2%. The general ledger has the following balances at the end of their business year:

Accounts Receivable 45,000

Allowance for Bad Debts 1,200

Sales revenue (from Credit) 250,000

Bad debt Expense 0

Required - Calculate the Allowance and show the journal to establish the Bad Debt allowance at the end of the year?

Reference no: EM132835159

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