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Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method...

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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 muit p yng 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 2017 accounts receivable were $588,000 and the allowance account had a credit balance of $52,000. Accounts receivable activity for 2018 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance S588,000 2,698,880 (2,553,000) 46,880) 679,880 The company's controller prepared the following aging summary of year-end accounts recelivable Group Amount Percent Uncollectible 0-6e days 61-90 days 91-120 days Over 120 days $405,000 96,080 56,880 122,000 $679,88e 18 26 37 Total Required 1. Prepare o 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 2018? 3-b. How would accounts recelvable aopear in the 2018 balance sheet

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