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 recelvable activity for 2016 was as follows: Beginning balance Credit sales Collections Write-offs $ 598,000 2,740,000 (2,603,000) (51,000) $ 684,000 Ending balance The company's controller prepared the following aging summary of year-end accounts receivable: Summary Amount Age Group 0-60 days 61-90 days 91-120 days Over 120 days $430,000 92.000 61,000 101,000 Percent Uncollectible 4% 15 20 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.) View transaction list Journal entry worksheet 1 2 Record a summary entry to record the monthly bad debt accrual. Note: Enter debits before credits Event General Journal Dobit Credit Record entry Clear entry View general journal 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