Problems connect uses the allowance method Swathmore Clothing Corporation grants its customers 30 days' credit. The company for its uncollectible accounts 7-1 collectible counts owance ethod; income atement and $54,000. Accounts receivable activity for 2018 was as follows: lance sheet proach 07-5,07-6 ts uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by mult receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly 3% times the amount of credit sales for the month. At the fiscal year end of December 31, an aging of account At the end of 2017, accounts receivable were $574,000 and the allowance account had a credit balance of $574,000 2,620,00o (2,483,000) (68,000) $ 643,000 Beginning balance Credit sales Collections Write-offs Ending balance The company's controller prepared the following aging summary of year-end accounts receivable Summary Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount Percent Uncollectible $430,000 98,000 60,000 55,000 $643,000 4% 15 25 40 Total 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 2018? How would accounts receivable appear in the 2018 balance sheet