Please help with attached questions, thanks much. Exercise 7-10 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6]Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided atotal of $236,000 of services on account. In 2021, the company wrote off uncollectible accounts of $9,500. By the end of 2021, cashcollections on accounts receivable totaled $199,500. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 willprove uncollectible.Required:1. & 2. What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for2021? (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.)View transaction listJournal entry worksheet<1 2Record to recognize bad debt expense for 2021.Note: Enter debits before credits.Event2Record entryGeneral JournalClear entryDebitCreditView general journal Exercise 7-10 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6]Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided atotal of $236,000 of services on account. In 2021, the company wrote off uncollectible accounts of $9,500. By the end of 2021, cashcollections on accounts receivable totaled $199,500. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 willprove uncollectible.Required:1. & 2. What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for2021? (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.)View transaction listJournal entry worksheet<1 2Record the write-offs of allowance for uncollectible accounts during 2021.Note: Enter debits before credits.Event1Record entryGeneral JournalClear entryDebitCreditView general journal

Journal entry is the first stage of accounting process. Journal entry used to record business…

Exercise 7-10 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6] Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $236,000 of services on account. In 2021, the company wrote off uncollectible accounts of $9,500. By the end of 2021, cas collections on accounts receivable totaled $199,500. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 wi 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 fleld.)

Exercise 7-10 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6] Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $236,000 of services on account. In 2021, the company wrote off uncollectible accounts of $9,500. By the end of 2021, cas collections on accounts receivable totaled $199,500. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 wi 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 fleld.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1AP: Allowance Method for Accounting for Bad Debts At the beginning of 2016, Miyazaki Companys Accounts...

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McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
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