Carolina Textiles Company 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 $586,000 and the allowance account had a credit balance of $59,000. Accounts receivable activity for 2020 was as follows; Beginning balance Credit Sales Collections Write-Offs Ending Balance $586,000 $2,740,000 (2,379,000) (65,000) $882,000 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 $643,000 103,000 74,000 62,0000 $882,000 Percentage Uncollectible 4% 15% 25% 40% Use EXCEL to complete this problem. You must use cell referencing and formulas wherever possible. 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. 2. Prepare an aging schedule for Carolina Textiles like the ones we did in class. You must use formulas where applicable. Make sure your schedule is presentation ready (how does it look in print preview? Titles, formatting, footer) 3. Prepare the necessary year-end adjusting entry for bad debt expense. You must use cell referencing to your aging schedule for the debit and credit amounts where you can. 4. What is total bad debt expense for 2020? You must use cell referencing and formulas to calculate this amount. 5. How would accounts receivable appear in the 2020 Balance Sheet? Give the formal presentation.