Problem 7.1 (Static) Uncollectible accounts; allowance method; income statement and balance sheet approach; financial statement effects [LO7-5, 7-6] Swathmore Clothing Corporation grants its customers 30 days credit. The company uses the aliowance method for ins uncollectible accounts recelvoble. During the year; a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month At the fiscal year-end of December 31 , an aging of accounts recewabie schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023 , accounts receivable wer $574,000 and the allowance account had a credit balance, of $54,000. Accounts receivable activity for 2024 was as follows The company's controller prepared the following aging summary of year-end accounts receivable: Required: 1. Prepare a summary joumal entry to record the monthly bad debt accrual and the write-offs durting 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 hal