Qucaon.com Save assignments 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 $608,000 and the allowance account had a credit balance of $72,000. Accounts receivable activity for 2021 was as follows. Beginning balance Credit sales Collections Write-offs Ending balance $ 600,000 2,790,000 (2,653,000 (56,200 5 689,000 The company's controller prepared the following aging summary of year-end accounts receivable: Beginning balance Credit sales Collections Write-offs Ending balance $ 688,000 2,790,000 (2,653,000) (56,000) $ 689,000 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 Total Amount $455,000 76,000 66,000 92,000 $689,000 Summary Percent Uncollectible 5 % 14 25 40 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. Regi 1 Reg 2 Req 3A Reg 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during transactinn lauant Regu Reg 2 Req Req 3B SARAR Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a tran entry required" in the first account field.) View transaction list Journal entry worksheet