Swathmore Clothing Corporation grants its customers 30 days? credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2021 was as follows:

Beginning balance ........................$ 574,000Credit sales ...................................2,620,000Collections ...................................(2,483,000)Write-offs ..........................................(68,000)Ending balance .............................$ 643,000

The company?s controller prepared the following aging summary of year-end accounts receivable:

Required:1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.2. Prepare the necessary year-end adjusting entry for bad debt expense.3. What is total bad debt expense for 2021? How would accounts receivable appear in the 2021 balance sheet?

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Summary Percent Uncollectible Age Group Amount $430,000 0-60 days 61-90 days 91-120 days Over 120 days 4% 98,000 15 60,000 55,000 25 40 Total $643,000