Swathmore Clothing Corporaton grants ts customers 30 deys' credit. The compeny uses the allowance method for tos uncollectible accounts receivable. During the year, a monthly bed debt accrual Is made...

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Extracted text: Swathmore Clothing Corporaton grants ts customers 30 deys' credit. The compeny uses the allowance method for tos uncollectible accounts receivable. During the year, a monthly bed debt accrual Is made by multiplying 2% times the amount of credt sales for the month. At the fiscal year-end of December 31, an aging of accounts recelveble schedule is prepared and the allowance for uncollectible accounts Is adjusted accordingly. Se & B S At the end of 2017, accounts recelvable were $592,000 and the allowance account had a credit balance of $56,000. Accounts recelvable activity for 2018 was as follows: Beginning balance Credit sales Collections $ 592,000 2,710,000 (2,573,000) (48,000) Write-offs Ending balance $ 681,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Percent Uncollectible Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $415,000 98,000 58,000 110,000 12 28 39 Total $681,000 Required: - 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. -a. What is total bad debt expense for 2018? -b. How would accounts receivable appear in the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req 3B Req 3A Req 2 Req 1 inurnal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a nl entry required" In the first account field.) Next >