Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for...

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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 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 2023, accounts receivable were $614,000 and the allowance account had a credit balance of $78,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs. Ending balance $ 614,000 2,820,000 (2,683,000) (59,000) $ 692,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $ 470,000 Percent Uncollectible 5% 61-90 days 82,000 11 91-120 days 69,000 28 Over 120 days 71,000 36 Total $ 692,000 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 2024? 3-b. How would accounts receivable appear in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B 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 2023, accounts receivable were $614,000 and the allowance account had a credit balance of $78,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs. Ending balance $ 614,000 2,820,000 (2,683,000) (59,000) $ 692,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group 0-60 days Amount $ 470,000 Percent Uncollectible 5% 61-90 days 82,000 11 91-120 days 69,000 28 Over 120 days 71,000 36 Total $ 692,000 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 2024? 3-b. How would accounts receivable appear in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B