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 $588,000 and the allowance account had a credit balance of $52,000. Accounts receivable activity for 2016 was as follows $ 588,000 2,690,000 (2,553,000) (46,000) Beginning balance Credit sales Collections Write-offs Ending balance $ 679,000 The company's controller prepared the following aging summary of year-end accounts receivable Summary Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $405,000 96,000 56,000 122,000 Percent Uncollectible 3% 10 26 37 Total $679,000 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.) View transaction list Journal entry worksheet 2 Record a summary entry to record the monthly bad debt accrual Note: Enter debits before credits