Check my work Problem 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach [LO7-5, 7-6] 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 2017, accounts receivable were receivable activity for 2018 was as follows: $604,000 and the allowance account had a credit balance of $68,000. Accounts ces Beginning balance Credi sales 604,e00 2,770,eee (2,633,eee) (54,000) Collections Write-offs 687,000 Endrg basece The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount Percent Uncollectible $445,000 4 % 61-90 days 91-120 days Over 120 days 72,0ee 64,e00 106,eee 12 23 38 k Total $687,eee ces Required: 1. Prepare a summary journal entry to record the monthly bad debt ccrual and the writesoffs during the year 2Pepere the necessary year-end adjusting entry for bad debt expense. 3-a What is total bad debt expense for 2018? 3-5. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers In the tabs below