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Exercise 7-10 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6) Pincus Associates...

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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 $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. 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 field.) No Event Credit General Journal Allowance for uncollectible accounts Accounts receivable Debit 5,100 5,100 2 13,800 X Bad debt expense Allowance for uncollectible accounts 13,800 x

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