Hp Javed AIES Check my w 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 $610,000 and the allowance account had a credit balance of $74,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 610,000 2,800,000 (2,663,000) (57,000) $ 690,000 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 Summary Amount Percent Uncollectible $460,000 78,000 67,000 85,000 $ 690,000 Total Prey 5 of 6 !!! Next > Preschool1_15....pdf ACC225 Busi....docx ZoomusLauncher.zip Online Course S....X Total $690,000 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? Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Req Req 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet