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What journal entry did Pincus record

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Question - Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $132,000 of services on account. In 2021, the company wrote off uncollectible accounts of $5,300. By the end of 2021, cash collections on accounts receivable totaled $111,300. Pincus estimates that 20% of the accounts receivable balance at 12/31/2021 will prove uncollectible.

Required - What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for 2021?

Reference no: EM132669336

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