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 $578,000 and the allowance account had a credit balance of $42,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 578,000 2,640,000 (2,503,000) (41,000) $ 674,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group) 0-60 days Amount $ 380,000 Percent Uncollectible 5% 61-90 days 100,000 11 51,000 21 143,000 32 91-120 days Over 120 days Total Required: $ 674,000 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? 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. 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 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 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 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 Beginning balance Credit sales Collections Write-offs Ending balance $ 578,000 2,640,000 (2,503,000) (41,000) $ 674,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $380,000 Percent Uncollectible 5% 61-90 days 100,000 11 91-120 days 51,000 21 Over 120 days 143,000 32 Total $ 674,000 ces 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? 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 2024? Bad debt expense Beginning balance Credit sales Collections Write-offs Ending balance $ 578,000 2,640,000 (2,503,000) (41,000) $ 674,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $ 380,000 Percent Uncollectible 5% 61-90 days 100,000 11 51,000 21 143,000 32 $ 674,000 91-120 days Over 120 days 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 2024? 3-b. How would accounts receivable appear in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 38 How would accounts receivable appear in the 2024 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net)