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Problems 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach [LO5,6 Swathmore Clothing Corporation grants its customers 30 days' credit The company uses the allowance method for its uncollectible accounts recelvable. During the year, a monthly bad debt accrual is made by munplying 2% times the amount of credt 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 At the end of 2010, accounts receivable were $562,000 and the allowance account had a credit balance of $50,000. Accounts recelivable activity for 2011 was as follows S 562.000 2,780,000 (2.648,000) (58,000) Beginning balance Credt sales Collections White-offs Ending balance 636,000 The company's controller prepared the following aging summary of year-end accounts receivable Group AmountPercent Uncollectble $ 426,120 4% 0-60 days 61-90 days 91-120 days Over 120 days 25 40 69.960 44 44,520 Total 636,000 Required: (1) Prepare a summary journal entry to record the monthly bad debt accrual and the write-ofts during the year (Omit the "s" sign in your response. Monthly bad debt expense accrual summary (Cick to select) (Cick to select) To record year 2011 accounts receivable write-offs Click to select) Cick to select