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HelpS 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 2017, accounts receivable were $576,000 and the allowance account had a credit balance of $40,000. Accounts receivable activity for 2018 was as follows: balance 576, 000 Credit sales Collections Write-offs Ending balance 2,630,000 (2,493,000) (40,000 $ 673,000 The company's controller prepared the following aging summary of year-end accounts receivable Summar Amount Percent Uncollectible Age Group 0-60 days 61-90 days 91-120 days $435,000 98,000 50,000 over 120 days90,000 $673,000 10 20 30 Total 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 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. 0-60 days $435,000 91-120 days Over 120 days 50,000 90,000 $673,000 20 30 Total 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 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B (f no entry is required for a a summary journal entry to recors tne monthly bad debt accrual and the write-oft furing the year transaction/event, sel entry required View transaction list Journal entry worksheet 2 Record a summary entry to record the monthly bad debt accrual. Over 120 Total 90,000 $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 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, selec 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 The company's controller prepared the following aging summary of year-end accounts receivable: 0-60 days 61-90 days 91-120 days Over 120 days $435,000 98,000 50,000 90,000 $673,000 10 20 30 Total 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 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 What is total bad debt expense for 2018? debt expense K Req 2 Req 3B 0-60 days $435,000 98,000 50,000 90,000 10 20 91-120 days Total $673,000 Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the ye 2. Prepare the necessary year-end adjusting entry for bad debt expense. 3-a. What is total bad debt expense for 2018? 3-b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3AReq 3B How would accounts receivable appear in the 2018 balance sheet? Balance Sheet (partial) Req 3A
