Help Save & Exit s Check my Swathmore Clothing Corporation grants its customers 30 days credit. The company uses the allowance method for its uncollectible counts 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 $594,000 and the allowance account had a credit balance of $58,000. Accounts receivable activity for 2018 was as follows: Beginning balance $594,000 2,720,000 Credit sales Collections Write-offs (2,583,000) (49,000) Ending balance $ 682,000 The company's controller prepared the following aging summary of year-end accounts receivable: ercent Uncollectible 0-60 days 61-90 days 91-120 days Over 120 days $420,000 90,000 59,000 113,000 $682,000 3 8 13 29 40 Total Required 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year Prex 10f 3ill Next > Prepare a summary journal entry to record the monthly bad debt accrual and transaction/event, select "No journal entry required" in the first account field View transaction list Journal entry worksheet 2 Record a summary entry to record the monthly bad debt accrul. Note: Enter debits before credits. Event General Journal Debit Cr Record entry Clear entry View ger Prey 10f 3 N epare a summary journal entry to record the monthly bad debt accrual and ansaction/event, select "No journal entry required" in the first account field iew transaction list Journal entry worksheet 2 Record a summary entry to record the 2018 write-offs. Note: Enter debits before credits. Event General Journal Debit Cre 2 Record entry Clear entry View gene Prey 1 of 3 Nex Required: 1. Prepare a summary journal entry to record the monthl 2. Prepare the necessary year-end adjusting entry for ba 3-a. What is total bad debt expense for 2018? 3-b. How would accounts receivable appear in the 2018 Complete this question by entering your answers in Req 1 Req 2 Req 3A Req 3B What is total bad debt expense for 2018? Bad debt expense Req 2 Prey1 o Required: 1. Prepare a summary journal entry to record the monthly bad de 2. Prepare the necessary year-end adjusting entry for bad debt e 3-a. What is total bad debt expense for 2018? 3-b. How would accounts receivable appear in the 2018 balance Complete this question by entering your answers in the tab Req 1 Req 2 Req 3A Req 3B How would accounts receivable appear in the 2018 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net) Req 3A Prev 1 of 3
