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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 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 2020, accounts receivable were $578.000 and the allowance account had a credit balance of 542 000Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 57.000 2,640,000 (2,503,000 41.000 674,000 The company's controller prepared the following aging summary of year-end accounts receivable Percent Usein A Group 5-60 days 61-90 days 91-120 days Ore 120 days Tot Amount 5300,000 100.000 51,000 103 600 12 23 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 20212 3-6. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Rea 1 Reg 2 Reg 3A Req3B 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 joumai antry required in the first account field>

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