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 2% 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 $596,000 and the allowance account had a credit balance of $60,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 596,000 2,730,000 (2,593,000) (50.000 683,000 The company's controller prepared the following aging summary of year-end accounts receivable: Age Group 0-60 days 61-90 days 01-120 days Over 120 days Total Summary Amount Percent Uncollectible $425,000 5X 91,000 14 60,000 30 107,000 41 $683,000 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 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? Reg 1 Reg 2 Req 3A Reg 38 Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (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 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear en View general Journal Reg 1 Reg 2 Red 3A Reg 3B Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No entry required" in the first account field.) View transaction list Journal entry worksheet Record the year end adjusting entry for bad debt expense. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal 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-o. What is total bad debt expense for 2021? 3-6. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A Reg 3B What is total bad debt expense for 2021? Bad debt expense 60,000 91-120 days Over 120 days Total 30 41 107,000 $683,000 d 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? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Reg 3B How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Current assets Accounts receivable (net)