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 ts 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 adjusted accordingly At the end of 2020, accounts receivable were $592,000 and the allowance account had a credit balance of $56,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections write-offs Ending balance $ 592,00 2,710,000 (2,573,600) (630) 681,000 The company's controller prepared the following aging summary of year-end accounts receivable ARRO 0-60 days 6-90 days 91-120 days Over 120 days Total Summary Amount Percent Uncollectible 5415,000 43 90,000 12 50,000 28 110, 30 5661,000 Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the witte-offs during the year 2. Prepare the necessary year-end adjusting entry for bad debt expense 3.6. What is total bad debt expense for 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? 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 3-6. What is total bad debt expense for 2021? 3-5. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Req1 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 2 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits General Journal Det Credit 1 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 Req ?? Reg 3B Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select " 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. Prepare a summary journal entry fat 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. Req 1 Reg 2 Reg 3A Reg 3B What is total bad debt expense for 2021? Bad debt exponse 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. Req1 Req2 Reg 3A Red 3B How would accounts receivable appear in the 2021 lance sheet? Balance Sheet (partial) Current assets Accounts receivable (net) ( Req 3A Reg 3B
