Business, 30.03.2021 16:10 demetriusmoorep36146
Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $188,000 of services on account. In 2021, the company wrote off uncollectible accounts of $7,600. By the end of 2021, cash collections on accounts receivable totaled $159,600. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 will prove uncollectible.
Required:
a. What journal entry did Pincus record to write off uncollectible accounts during 2021?
b. What journal entry should Pincus record to recognize bad debt expense for 2021?
Answers: 2
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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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