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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

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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 $606,000 and the allowance account had a credit balance of $70,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 606,000 2,780,000 (2,643,000) (55.000) $ 688,000 The company's controller prepared the following aging summary of year-end accounts receivable Summary Percent Uncollectible 35 Age Group 0-60 days 61-90 days 91-120 days Over 120 days Total Amount $450,000 74,800 65,000 99,000 $688,000 13 24 39 requirea. 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. Reg 1 Reg 2 Req 3A Req 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no antry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 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. Reg 1 Reg 2 Reg 3A Req3 How would accounts receivable appear in the 2021 balance sheet? Balance Sheet (partial) Current assets Accounts receivable (net)

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