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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 2023 , accounts
receivable were $608,000 and the allowance account had a credit balance of $72,000. Accounts
receivable activity for 2024 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-a. What is total bad debt expense for 2024 ? 3-b.
How would accounts receivable appear in the 2024 balance sheet?
Complete this question by entering your answers in the tabs below. Prepare a summary journal
entry to record the monthly bad debt accrual and the write-offs during the year. Note: If no entry
is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet Record a summary entry to record the monthly bad debt accrual. Note:
Enter debits before credits.
Complete this question by entering your answers in the tabs below. Prepare the necessary year-
end adjusting entry for bad debt expense. Note: If no entry is required for a transaction/event,
select "No journal entry required" in the first account field. Journal entry worksheet Record the
year-end adjusting entry for bad debt expense. Note: Enter debits before credits.
Complete this question by entering your answers in the tabs below. What is total bad debt
expense for 2024 ?
Complete this question by entering your answers in the tabs below. How would accounts
receivable appear in the 2024 balance sheet?

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Swathmore Clothing Corporation grants its customers 30 days credit. .pdf

  • 1. 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 2023 , accounts receivable were $608,000 and the allowance account had a credit balance of $72,000. Accounts receivable activity for 2024 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-a. What is total bad debt expense for 2024 ? 3-b. How would accounts receivable appear in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the necessary year- end adjusting entry for bad debt expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is total bad debt expense for 2024 ? Complete this question by entering your answers in the tabs below. How would accounts receivable appear in the 2024 balance sheet?