Pincus associates uses the allowance method to account for bad debts. during 2021, its first year of operations, pincus provided a total of $156,000 of services on account. in 2021, the company wrote off uncollectible accounts of $6,300. by the end of 2021, cash collections on accounts receivable totaled $132,300. pincus estimates that 10% 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? (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

What journal entry did Pincus record to write off uncollectible accounts during 2021

Dr Allowance for Uncollectible Accounts$ 6,300

Cr Accounts receivable$ 6,300

What journal entry did Pincus record to recognize bad debt expense for 2021?

Dr Bad Debt Expense$ 8,040

Cr Allowance for Uncollectible Accounts$ 8,040

Explanation:

Pincus provided a total of $156,000 of services on account.  

Dr Accounts receivable$ 156,000

Cr Sales$ 156,000

In 2021, the company wrote off uncollectible accounts of $6,300  

Dr Allowance for Uncollectible Accounts$ 6,300

Cr Accounts receivable$ 6,300

By the end of 2021, cash collections on accounts receivable totaled $132,300.  

Dr Cash$ 132,300

Cr Accounts receivable$ 132,300

Balances on Accounts 31.12.2012 before adjustment  

Accounts receivable CREDIT$ 17,400

Allowance for Uncollectible Accounts DEBIT$ 6,300

Pincus estimates that 10% of the accounts receivable balance at 12/31/2021 will prove uncollectible.  

Dr Bad Debt Expense$ 8,040

Cr Allowance for Uncollectible Accounts$ 8,040

If the company applies the allowance method, it means that the account Allowance for Uncollectible Accounts must show as balance the % of estimated value.

Because the company already has a DEBIT balance ($6,300) in the Allowance for Doubtful Accounts  it's necessary to register an entry that COMPLEMENT ($8,040) the existing value and reflect the value estimated as bad debts ($1,740).

Bad Debt Expense = $8,040 - $6,300 = $1,740

It's necessary to reflect $1,740 in the Allowance for Uncollectible Accounts as Credit, so we need an entry of $8,040.

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