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 $598,000 and the allowance account had a credit balance of $62,000. Accounts receivable activity for 2016 was as follows: Beginning balance $ 598,000 Credit sales 2,740,000 Collections (2,603,000) Write-offs (51,000) Ending balance $ 684,000 The companys controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 060 days $ 430,000 4 % 6190 days 92,000 15 91120 days 61,000 20 Over 120 days 101,000 35 Total $ 684,000 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 account field.) 2. Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3-1. What is total bad debt expense for 2016? 3-2. How would accounts receivable appear in the 2016 balance sheet?