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 recelvable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2015, accounts receivable were $576,000 and the allowance account had a credit balance of $40,000. Accounts receivable activity for 2016 was as follows: $ 576,000 2,630,000 Beginning balance Credit sales Collections Write-offs Ending balance (2.493.000) (40,000) $ 673,000 The company's controller prepared the following aging summary of year-end accounts recelvable: Summary Percent Uncollectible Age Group Amount 0-60 days $435,000 3% 61-90 days 98,000 10 91-120 days 50,000 20 Over 120 90,000 30 days Total $673,000 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.) 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 Record the year-end adjusting entry for bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal 3-1. What is total bad debt expense for 2016? Bad debt expense 3-2. How would accounts receivable appear in the 2016 balance sheet? Balance Sheet Current assets: Accounts receivable (net)