Pincus Associates uses the allowance method to account for bad debts.During 2021, its first year of operations, Pincus provided a total of $132,000 of services on account. In 2021, the company wrote off uncollectible accounts of $5,300.By the end of 2021, cash collections on accounts receivable totaled $111,300.Pincus estimates that 20% 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?