Saved Help Save Problem 7-1 (Static) Uncollectible accounts; allowance method; income statement and balance sheet approach [LO7-5, 7-6] 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 3% 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 $574.000 and the allowance account had a credit balance of $54.000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales Collections write-offs Ending balance $ 574,000 2,620,000 (2,483,000 (68,000) 5 643,000 The company's controller prepared the following aging summary of year-end accounts receivable Summary Percent Uncollectible 45 15 Amount 5430,000 95,000 50.000 Age Group 0-60 days 61-90 days 91-120 days On 120 days Total SUV Nead > Age Group 0-60 days 61-99 days 91-120 days Over 120 days Total Amount $430,000 98,000 60,000 55,000 $643,000 Summary Percent Uncollectible 4% 15 25 40 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-o. 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. Reg 3A Reg 38 Reg 1 Reg 2 annthly bad debt accrual and the write-offs during the year it