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 2015, accounts receivable were $590,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2016 was as follows: Beginning balance $ 590,000 Credit sales 2,700,000 Collections (2,563,000) Write-offs (47,000) Ending balance $ 680,000 The companys controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 060 days $ 410,000 5 % 6190 days 97,000 11 91120 days 57,000 27 Over 120 days 116,000 38 Total $ 680,000 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?