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 $582,000 and the allowance account had a credit balance of $46,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 582,000 2,660,000 (2,523,000) (43,000) $ 676,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $ 390,000 Percent Uncollectible 3% 61-90 days 93,000 13 91-120 days Over 120 days 53,000 23 140,000 34 Total $ 676,000 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? 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 1 General Journal Debit Credit Record entry Clear entry View general journal > 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 2024 write-offs. Note: Enter debits before credits. Event 2 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. 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 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 < Req 2 Req 3B > Complete this question by entering your answers in the tabs below. 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) < Req 3A Req 3B >