Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts recelvable. 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 $608,000 and the allowance account had a credit balance of $72,000. Accounts receivable activity for 2021 was as follows: The company's controller prepared the following aging summary of year-end accounts receivable: 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 oxpense. 3-a. What is total bad debt expense for 2021 ? 3-b. How would accounts recetvable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is require rransaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record a summary entry to record the monthly bad debt acerual. Note: Enter debits before credits: Journal entry worksheet Record a summary entry to record the 2021 write-offs. Note: Enter deblts before credits. Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journ entry required" in the first account field. Journal entry worksheet Record the year-end adjusting entry for bad debt expense. Note: Enter debilts before credits The company's controller prepared the following aging summary of year-end accounts recelvable: Required: 1. Prepare a summary joumal 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 recelvable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. What is total bad debt expense for 2021? The company's controller prepared the following aging summary of year-end accounts receiv Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs 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. How would accounts receivable appear in the 2021 balance sheet
