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 2020, accounts receivable were $610,000 and the allowance account had a credit balance of $74,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales 610,000 2,800,000 (2,663,000) (57,000) Collections Write-offs Ending balance $4 690,000 The company's controller prepared the following aging summary of year-end accounts receivable: Check my work Summary Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percent Uncollectible 4 % Amount $460,000 78,000 15 67,000 85,000 $690,000 26 41 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 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Prepare a summary journal entry to record the monthly bad debt accrual Check my work Req 1 Req 2 Req 3A Req 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event General Journal Debit Credit Journai entry worksneet 1 <> Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal 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 2020, accounts receivable were $610,000 and the allowance account had a credit balance of $74,000. Accounts receivable activity for 2021 was as follows: Beginning balance Credit sales 610,000 2,800,000 (2,663,000) (57,000) Collections Write-offs Ending balance $4 690,000 The company's controller prepared the following aging summary of year-end accounts receivable: Check my work Summary Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percent Uncollectible 4 % Amount $460,000 78,000 15 67,000 85,000 $690,000 26 41 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 2021? 3-b. How would accounts receivable appear in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Prepare a summary journal entry to record the monthly bad debt accrual Check my work Req 1 Req 2 Req 3A Req 3B Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event General Journal Debit Credit Journai entry worksneet 1 <> Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal

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1 Accounting titles explanations Debit Credit Bad debts expens... View the full answer