6. (5 points) Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses...
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6. (5 points) Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable At the end of 2023 , accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2024 was as follows: Record the journal entry for recording year-end bad debt expense under the following 2 scenarios: 1. The company records bad debt expense at 5% of credit sales (income statement approach) 2. The company records bad debt expense at 7% of ending accounts receivable (balance sheet approach)
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