P 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach; financial statement effects LO7-5, L07-6 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 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 2023, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2024 was as follows: Beginning balance $574,000 Credit sales 2,620,000 Collections (2,483,000) Write-offs Ending balance (68,000) $643,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $430,000 Percent Uncollectible 4% 61-90 days 98,000 15 91-120 days 60,000 25 Over 120 days Total 55,000 40 $643,000 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. What is total bad debt expense for 2024? How would accounts receivable appear in the 2024 balance sheet?