3. Unit 6 Problems Help Save Sut Check my we 1 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 $599,000 and the allowance account had a credit balance of 558,000. Accounts receivable activity for 2021 was as follows: int ebook Prim References Beginning balance Credit sales Collections write-offs Ending balance 594,000 2.720.000 (2.583.000) 40.000) 5 682,000 The company's controller prepared the following aging summary of year-end accounts receivable. Age Group 0-60 days 61-10 days 91-120 days Over 120 days Total Summary Amount Percent collectible $420,000 90,000 19 59.000 29 110.000 10 $662,000 Required: 1. Prepare a summary journal entry to record the monthly bad debit accrual and the write ots during the year 2. Prepare the necessary year-end adjusting entry for bad debt expense 3- What is total bad debt expense for 2021 3-6. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Reg 1 Rogz RA Reg38 Check my 1 Journal entry worksheet 10 points Record a summary entry to record the monthly bad debt accrual. Pri Note: Enter debitu belore credits References Event General Joumal Debli Credit 1 Record entry Charenty View general journal Check my w 1 Journal entry worksheet points Record the year and adjusting entry for bad debt expense. cBook Print Note: Enter debits before credits. References Event General Journal Dobit Credit 1 Record entry Clear entry View general journal Mc 10 DOMES 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 Book Pit References Complete this question by entering your answers in the tabs below. Red Reg 2 Reg DA Reg 3 What is total bad debt expense for 2021? Bad debt expense Book expense Tor 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? Print erences Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 3B How would accounts receivable appear in the 2021 balance sheet? 47 Balance Sheet (partial) Current assets Accounts receivable (net)
