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Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable....
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 3% 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 2010, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2011 was as follows:Collections (2,483,000) Write-offs (68,000) The company’s controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 0–60 days$ 430,000 4% 61–90 days 98,000 15 91–120 days 60,000 25 Over 120 days 55,000 40 Total$ 643,000 Required:(1)Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (Omit the "$" sign in your response.)General Jo
