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 $ 608,000 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? Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list x View journal entry worksheet No Event General Journal Debit Credit 1 1 Bad debt expense Allowance for uncollectible accounts 2 2 Allowance for uncollectible accounts Accounts receivable Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Event General Journal Debit Credit 1 1 Bad debt expense Allowance for uncollectible accounts Req 1 Reg 2 Req Reg 3B What is total bad debt expense for 2021? Bad debt expense Reg 1 Reg 2 Req Req 3B How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net)