Exercise 7-11 (Static) Establish an allowance and account for bad debts [LO7-5, 7-6] Pincus Associates uses the allowance method to account for bad debts. 2024 was the first year of operations for Pincus, so it had a $0 opening balance in its allowance for uncollectible accounts. During 2024, Pincus provided a total of $250,000 of services on account. In 2024, the company wrote off uncollectible accounts of $10,000. By the end of 2024, cash collections on accounts receivable totaled $210,000. Pincus estimates that 20% of the accounts receivable balance at 12/31/2024 will prove uncollectible. Required: 1. What journal entry did Pincus record to write off uncollectible accounts during 2024? 2. 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 account field. Answer is complete but not entirely correct. 1 No Event General Journal 1 Allowance for uncollectible accounts Accounts receivable Debit Credit 40,000 40,000 2 2 Bad debt expense 46,000 Allowance for uncollectible accounts 46,000