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Swathmore Clothing Corporation grants its customers 30 days credit. The company uses the uncollectible accounts receivable....

Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the 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 2015, accounts receivable were $612,000 and the allowance account had a credit balance of $76,000. Accounts receivable activity for 2016 was as follows: 

Swathmore Clothing Corporation grants its customers 30 days credit. The company uses the uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 296 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 allowance method for its At the end of 2015, accounts receivable were $612,000 and the allowance account had a credit balance of $76,000. Accounts receivable activity for 2016 was as follows: s 612.000 2 810.000 2673.000 Ending balance 691,000 The companys controller prepared the following aging summary of year-end accounts receivable: 120 day Total 691,000 Required: Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a required in the first account field.) select No journal entry Journal entry worksheet Record summary entry to record the hdy bad t accrual Prepare the necessary year-end adjusting entry for bad debt

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ekkarill92 answered 2 years ago
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Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance method for...
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 2017, accounts receivable were $590,000 and the allowance account had...
Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance method for...
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