Swathmore Clothing Corporation grants its customers $30$ days credit. The company uses the allowance method for its uncollectible accounts receivableAt the end of $2023,$ accounts receivable were $$611,000$ and the allowance account had a credit balance of $$63,000.$ Accounts receivable activity for $2024$ was as follows:Beginning balance$ $611,000$Credit sales$2,830,000$Collections$(2,714,000)$Write$-$offs$(71,000)$Ending balance$ $643,000$ Record the journal entry for recording year$-$end bad debt expense under the following $2$ scenarios:$1.$ The company records bad debt expense at $4\%$ of credit sales $($income statement approach$)2.$ The company records bad debt expense at $6\mathrm{.}25\%$ of ending accounts receivable $($balance sheet approach$)$ Income statement approachAccountsDebitCredit Balance sheet approachAccountsDebitCredit