1.-Record a summary entry to record the monthly bad debt accrual

2.-Record a summary entry to record the 2016 write-offs.

Prepare the necessary year-end adjusting entry for bad debt expense.

3.-Record the year-end adjusting entry for bad debt expense.

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 2015, accounts receivable were $594,000 and the allowance account had a credit balance of $58,000. Accounts receivable activity for 2016 was as follows 594,000 Beginning balance 2,720,000 Credit sales Collections (2,583,000) Write-offs (49,000) 682,000 Ending balance The company's controller prepared the following aging summary of year-end accounts receivable Summary Age Group Amount Percent Uncollectible 0-60 days $420,000 3% 61-90 days 90,000 13 91-120 days 59,000 Over 120 days 113,000 40 Total $682,000 Required 1. 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 transaction/event, select "No journal entry required" in the first