Problem 7-1 (Algo) Uncollectible accounts; allowance method; income statement and balance sheet approach; financial statement effects [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 2023 , accounts receivable were $612,000 and the allowance account had a credit balance of $76,000. Accounts receivable activity for 2024 was as follows: The company's controller prepared the following aging summary of year-end accounts receivable: 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 2024? 3-b. How would accounts recelvable appear in the 2024 balance sheet? Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during th Note: If no entry is required for a transaction/event, select "No journal entry required" in the first ac Journal entry worksheet Record a summary entry to record the 2024 write-offs. Note: Enter debits before credits. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acco Journal entry worksheet Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. How would accounts receivable appear in the 2024 balance sheet