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 $586,000 and the allowance account had a credit balance of $50,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs 586,000 2,680,000 (2,543,000) (45,000) Ending balance 678,000 The company's controller prepared the following aging summary of year-end accounts receivable: Age Group Summary Amount Percent Uncollectible 0-60 days $400,000 61-90 days 95,000 91-120 days 55,000 Over 120 days 128,000 Total $678,000 4% 15 29 36 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?