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Swathmore Clothing Corporation grants its customers 30 days' credit

Accounting

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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 $600,000 and the allowance account had a credit balance of $64,000. Accounts receivable activity for 2021 was as follows:
 
Beginning balance$600,000  
Credit sales 2,750,000  
Collections (2,613,000) 
Write-offs (52,000) 
Ending balance$685,000   
The company's controller prepared the following aging summary of year-end accounts receivable:
 Summary Amount Percent Uncollectable
Age Group
0−60 days. $435,000. 3%
61−90 days. $93,000. 10%
91−120 day. $62,000. 21%
Over 120 days. $95,000. 36%
Total $685,000   
Required:
1. Make 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?