Check my work 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 $600,000 and the allowance account hod a credit balance of 564,000. Accounts receivable activity for 2021 was as follows: Deginning balance Credit ste Collection Write-off Inding balance 600,000 2,750,000 12,613,000) ($2,000) 65,000 The company's controller prepared the following aging summary of year-end accounts receivable: CD Amount Percent Collectible 0-60 days 5635,000 61-90 days 93,000 10 91-120 day 62.000 21 over 120 days 95.000 Total 5635,000 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? Comlete this uestion by entering your answers in the tabs below