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Show me the steps to solve Swathmare Clathing Corporstan grants is customers $30$ dsys$"$ credit. The compony uses the allawsnce method for its uncolectible

accounts recelvable. During the yesr, $5$ manthly bod debt accrusl is mode by multiplying $2\%$ times the smount of credit asles for the

month. At the fiacal year$-$end of December $31,$ an aging of accounts recelvable achedule is prepared and the allowance for

uncollectible accounts is adjusted accordingly.

At the end of $2023,$ accounts recelvable were $$594,000$ and the sllowance account had a credt bolance of $$58,000.$ Accounts

recelvsble sctvity for $2024$ was as followa:

The compony's cantraller prepared the following aging summsry of year$-$end sccounts recelvable:

Required:

Prepare s summary joumsl entry to record the manthly bod debt accrusl snd the write$-$offs during the year.

$2$ Prepare the necessary yesr$-$end adjuating entry for bad debt expense.

$3-$a$.$ What is total bad debt expense for $2024?$

$3-$b$.$ How would sccounts recelvsble sppesr in the $2024$ bslsnce sheet?

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Reas $2$

bat $3$ A

Prepare the necescary year$-$end acyusting entry for had debt experae.

Note: If no entry is required for a transaction$/$fevent$,$ seledt $"$Na fournal entry required" in the first account field.

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