Swathmore Clothing grants its customers 30 days’ credit. The company uses the allowance method for its uncollectible During the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, were $574,000 and the allowance account had a credit balance of $54,000. activity for 2021 was as follows:
The company’s controller prepared the following aging summary of year-end accounts receivable:
Required: 1. 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. 3. What is total bad debt expense for 2021? How would appear in the 2021 balance sheet?
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