Exercise $7-11($Algo$)$ Establish an allowance and account for bad debts $[$LO$7-5,7-6]$

Pincus Associates use's the allowance method to account for bad debts. $2074$ was the first year of operations for Pincus, $50$ it hadd a $40$ opening balance in its allowance for uncollectible accounts. During $2024.$ Pincus provided a tolal of $$132,000$ of services on account In $2024,$ the company wrote off uncollectible accounts of $$5,300.$ By the end of $2024,$ cash collections on accounts recelvatile totaled $$111,300.$ Pincus estimates that $20\%$ of the accounts recelvable balance at $\frac{12}{31}\frac{?}{2024}$ will prove uncollectible,

Required:

What journal entry did Pincus record to write off uncollectible accounts during $2024?$

What journal entry should Pincus record to recognize bad debt expense for $2024?$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first occount field.

Journal entry worksheet

$1$

$2$

Record the write$-$offs of allowance for uncollectible accounts during $2024.$

Prev

$3$ of $6$

Next