Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $250,000 of services on account. In 2021, the company wrote off uncollectible accounts of $10,000. By the end of 2021, cash collections on accounts receivable totaled $210,000. Pincus estimates that 20% of the accounts receivable balance at 12/31/2021 will prove uncollectible. Required:1. What journal entry did Pincus record to write off uncollectible accounts during 2021?2. What journal entry should Pincus record to recognize bad debt expense for 2021?

Ending Accounts Receivable = Services on Account - Amount Written Off - Collection of accounts receivables

= $250,000 - $10,000 - $210,000

= $30,000

Required Balance in Allowance for Un-collectible accounts at Year end = Accounts Receivable at 12/31/2021 * 20%

= $30,000 * 20%

= $6,000

Bad debt Expense = Required Balance in Allowance account + Amount written off

= $6,000 + $10,000

= $16,000

                             Journal Entries

Event                  General Journal                Debit     Credit

1          Allowance for doubtful accounts   $10,000

                  To Accounts Receivable                         $10,000

2         Bad debt Expense                           $16,000

                  To Allowance for doubtful accounts       $16,000

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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