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 91-120 days 51,000 21 Over 120 days 143,000 32 Total $ 674,000 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