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Swathmore Clothing Conporation orants its customers 30 days' credit. The company uses the allowance method lor its uncollecuble accourits recelvable. During the year, a monthly

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Swathmore Clothing Conporation orants its customers 30 days' credit. The company uses the allowance method lor its uncollecuble accourits recelvable. 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 3t, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023 , accounts recelvable were $594.000 and the allowance account had a credit balance of $58,000. Accounts recelvable 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 acclual and the write-ofts 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? Swathmore Clothing Conporation orants its customers 30 days' credit. The company uses the allowance method lor its uncollecuble accourits recelvable. 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 3t, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023 , accounts recelvable were $594.000 and the allowance account had a credit balance of $58,000. Accounts recelvable 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 acclual and the write-ofts 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

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