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 $600,000 and the allowance account had a credit balance of $64,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance 600,000 2,750,000 (2,613,000) (52,000) $ 685,000 The company's controller prepared the following aging summary of year-end accounts receivable: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Total Amount $435,000 93,000 62,000 95,000 $685,000 Summary Percent Uncollectible 3 % 10 21 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? Reg 1 Reg 2 Req Reg 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year 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. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Reg 1 Reg 2 Reg Reg 3B What is total bad debt expense for 2021? Bad debt expense Req 1 Reg 2 Req 3A Req 3B How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Current assets: Accounts receivable (net)