3 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 $594,000 and the allowance account had a credit balance of $58,000. Accounts receivable activity for 2021 was as follows: 5 pints Beginning balance Credit sales Collections Write-offs Ending balance 594,000 2,720,000 (2,583,000) (49,000) $ 682,000 The company's controller prepared the following aging summary of year-end accounts receivable: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Total Amount $420,000 90,000 59,000 113,000 $682,000 Summary Percent Uncollectible 3 % 13 29 40 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