Uncollectible accounts, allowance method; income statement and balance sheet approach 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 tile 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 encl of 2020. accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 574,000 2,620,000 (2,483,000) 68,000 643,000 The company's controller prepared the following aging summary of year-encl accounts receivable: Summary Anon Age Group Percent Lincollectible 4% 0-60 days $430 000 98.000 15 61-90 days 60.000 91-120 days 25 40 55.000 Over $20 days $643.000 Total LING 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. What is total bad debt expense for 2021? How would accounts receivable appear in the 2021 balance sheet