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 $$596,000$ and the allowance account had a credit balance of $$60,000.$ Accounts

receivable activity for $2024$ was as follows:

The company's controller prepared the following aging summary of year$-$end accounts receivable:

Required:

Prepare a summary joumal entry to record the monthly bad debt accrual and the write$-$ofis during the year.

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 receivable appear in the $2024$ balance sheet:

Complete this question by entering your answers in the tabs below.

Req $1$

Prepare a summary journal entry to record the monthly bad debt accrual and the write$-$offs during the year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account. field.

Journal entry worksheet

Record a summary entry to record the monthly bad debt accrual.

Note: Enter debits before crecits.