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 2020, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections $ 574,000 2,620,000 (2,483,000) Write-offs (68,000) Ending balance $ 643,000 The company's controller prepared the following aging summary of year-end accounts receivable: Age Group Sunnary 0-60 days 61-90 days 91-120 days Over 120 days Total Amount Percent Uncollectible $430,000 4% 98,000 15 60,000 25 55,000 40 $643,000 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 20217 3-b. How would accounts receivable appear in the 2021 balance sheet? Journal entry worksheet 1 2 Record a summary entry to record the monthly bad debt accrual. > Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 Record a summary entry to record the 2021 write-offs. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 38 What is total bad debt expense for 20212 Bad debt experise Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Reg How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Accounts receivable (net) Current assets