Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $126,000 of services on account. In 2021, the company wrote off uncollectible accounts of $5,100. By the end of 2021, cash collections on accounts receivable totaled $107,100. Pincus estimates that 10% of the accounts receivable balance at 12/31/2021 will prove uncollectible.
What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for 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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