work - Required Saved Help Save & Exit Submit 39 Check my work 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 $576,000 and the allowance account had a credit balance of $40,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 576,60 2,630,000 (2,493,00 140,000) $ 673,000 The company's controller prepared the following aging summary of year-end accounts receivable: prences Age Group 8-60 days 61-90 days 91-120 days Over 120 days Total Summary Amount Percent Uncollectible 5435,000 35 98,000 10 50.000 28 90,000 30 $673,000 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. Red 3A Reg 2 Reg 1 Reg 38 Prev 1 of 3 E! Score answer > ME Gew