1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year 3. What is total bad debt expense for 2021? How would accounts receivable appear in the 2021 balance sheet? connect $54,000. Accounts receivable activity for 2021 was as follows: for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by my Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of we 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 credintas The company's controller prepared the following aging summary of year-end accounts receivable: 390 SECTION 2 Assets Problems P 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach LO7-5, LO7-6 Summary Percent Uncollectible 4% 0-60 days 15 61-90 days 25 91-120 days 40 Over 120 days Total Beginning balance Credit sales Collections Write-offs Ending balance $ 574,000 2,620,000 (2,483,000) (68,000) $ 643,000 Age Group Amount $430,000 98,000 60,000 55,000 $643,000 Required: 2. Prepare the necessary year-end adjusting entry for bad debt expense. manne camnuter systems. In a recent annual