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 $576,000 and the allowance account had a credit balance of $40,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 576,000 2,630,000 (2,493,000) (40,000) $ 673,000 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 Summary Amount Percent Uncollectible $435,000 3% 98,000 10 50,000 20 90,000 $673,000 30 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? Req 1 Req 2 Req 3A Req 3B 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 Journal entry worksheet > 1 2 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > Req 1 Req 2 Req 3A Req 3B 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 Journal entry worksheet < 1 Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. Event 1 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 3B What is total bad debt expense for 2021? Bad debt expense Req 2 Req 3B > Req 1 Req 2 Req 3A Req 3B How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net) < Req 3A Req 3B >