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Case 1: Blue Mountain Monkey Juice - Bad Debt Allowance (10 Marks)

Case 1: Blue Mountain Monkey Juice Bad Debt Allowance (10 Marks) Blue Mountain Monkey Juice uses the Ageing of Accounts Receivable method to calculate their allowance The general ledger has the following balances at the end of their business year:e Accounts Receivable Allowance for Bad Debts Sales revenue (from Credit) Bad debt Expense 51,600e 2,oooe 179,oooe Calculate the Allowance using the information in this table: Age of Receivablese Current duee Over due by 1 to 30 <2 Overdue by 31 to 60 <3 Overdue by 61 to 90 <2 Overdue by more than 90 dayse Amount due % uncollectable 15,50 6,00 5,00 3,50 2,40 1% 4% 8% Show the journal to establish the Bad Debt allowance at the end of the year:e Datee Account/Description CR