Prepare journal entries to record the following transactions . You are required to show all calcutatuons : Allowance for credit losses account had an opening balance of R4500.The policy requires the allowance to equate 8% of the total accounts receivable . The bebtors sub - ledger totaled R52 000 prior receiving 40c in the rand on an account of 3000 . The financial manager instructed the write off on the balance.