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P 7-1 Uncollectible accounts; allowance method; income statement and .pdf

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P 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach; financial statement effects 0LO5, LO6 Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts feceivable. Daring the year, a monthly bad debt acerual is made by multiplying 3% times the amount of eredit sales for the month. At the flseal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible aceounts is adjusted accordingly. At the end of 2023, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2024 was as follows: The company's controller prepared the following aging summary of yearend accounts receivabs: Required: 1. Prepare a summary journal entry to record the monthly bad debt acerual and the write-offs during the year. 2. Prepare the necessary yearend adjusting entry for bad debt expense. 3. What is total bad debt expence for 2024 ? How would accounts receivable appear in the 2024 balance sheet?.

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P 7-1 Uncollectible accounts; allowance method; income statement and balance sheet approach; financial statement effects 0LO5, LO6 Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts feceivable. Daring the year, a monthly bad debt acerual is made by multiplying 3% times the amount of eredit sales for the month. At the flseal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible aceounts is adjusted accordingly. At the end of 2023, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2024 was as follows: The company's controller prepared the following aging summary of yearend accounts receivabs: Required: 1. Prepare a summary journal entry to record the monthly bad debt acerual and the write-offs during the year. 2. Prepare the necessary yearend adjusting entry for bad debt expense. 3. What is total bad debt expence for 2024 ? How would accounts receivable appear in the 2024 balance sheet?

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