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 $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2016 was as follows: Beginning balance $ 574,000 Credit sales 2,620,000 Collections (2,483,000) Write-offs (68,000) Ending balance $ 643,000 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, $98,000, 15%, 91120 days $60,000 25% Over 120 days, $55,000, 40% Total $ 643,000

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.)

1.Record a summary entry to record the monthly bad debt accrual.

2.Record a summary entry to record the 2016 write-offs.

.	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. Record the year-end adjusting entry for bad debt expense. 4.What is total bad debt expense for 2016? Bad Debt Expense = ?? 5. How would accounts receivable appear in the 2016 balance sheet? Balance Sheet: Current Assets Accounts Receivable(net): ??