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 3% 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 2017, accounts receivable were $590,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2018 was as follows $590, 000 2,700,000 Collections (2,563,000) 47,000 $ 680, 000 The company's controller prepared the following aging summary of year-end accounts receivable: unt Percent Un ible 5 t $410,000 97,000 57,000 116,000 $680,000 0-60 days 91-120 days over 120 days 38 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-a. What is total bad debt expense for 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below