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 2023, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections write-offs Ending balance $ 574,000 2,620,000 (2,483,000) (68,000) $ 643,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $ 430,000 Percent Uncollectible 4% 61-90 days 91-120 days 98,000 60,000 15 25 Over 120 days 55,000 40 Total $ 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 2024? 3-b. How would accounts receivable appear in the 2024 balance sheet? Answer is not complete. Complete this question by entering your answers in the tabs below. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event General Journal 1 1 No journal entry required 2 2 No journal entry required Debit Credit Req 1 Req 2 Req 3A Req 3B Prepare the necessary year-end adjusting entry for bad debt expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event 1 1 Accounts payable Cash General Journal Dog 4 Dog 24 Debit 10,000 Credit 10,000 Answer is not complete. 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 2024? Bad debt expense S 1,654 Req 1 Req 2 Req 3A Req 3B How would accounts receivable appear in the 2024 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net) $ 12,000 x