Business, 22.04.2020 00:34 Kkampudiaa

Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $267,000 of services on account. In 2021, the company wrote off uncollectible accounts of $10,700. By the end of 2021, cash collections on accounts receivable totaled $224,700. Pincus estimates that 15% of the accounts receivable balance at 12/31/2021 will prove uncollectible.
Required:
1. & 2. What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for 2021?
Journal entry worksheet
Record the write-offs of allowance for uncollectible accounts during 2021.

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Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of...

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