3 6.25 points eflook Print 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 2% 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 $588,000 and the allowance account had a credit balance of $52,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 588,000 2,690,000 (2,553,000) (46,000) $679,000 The company's controller prepared the following aging summary of year-end accounts receivable: References Summary Age Group Amount Percent Uncollectible 0-60 days $405,000 34 61-90 days 96,000 10 91-120 days 56,000 26 Over 120 days 122,000 37 Total $679,000 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-a. What is total bad debt expense for 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg A Req 38