Hi,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 the write-offs of allowance for uncollectible accounts during 2021.Note: Enter debits before credits.Event1Record 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 to recognize bad debt expense for 2021.Note: Enter debits before credits.Event2Record entryGeneral JournalClear entryDebitCreditView general journal

The allowance for uncollectible accounts is prepared to record the estimated bad debt expense for…

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 otal of $236,000 of services on account. In 2021, the company wrote off uncollectible accounts of $9,500. By the end of 2021, cash collections on accounts receivable totaled $199,500. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 will prove uncollectible. Required: . & 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.)