In this work, we modify a continuous Galerkin discretization of a scalar hyperbolic conservation law using new algebraic correction procedures. Discrete entropy conditions are used to determine the minimal amount of entropy stabilization and constrain antidiffusive corrections of a property-preserving low-order scheme. The addition of a second-order entropy dissipative component to the antidiffusive part of a nearly entropy conservative numerical flux is generally insufficient to prevent violations of local bounds in shock regions. Our monolithic convex limiting technique adjusts a given target flux in a manner which guarantees preservation of invariant domains, validity of local maximum principles, and entropy stability. The new methodology combines the advantages of modern entropy stable / entropy conservative schemes and their local extremum diminishing counterparts. The process of algebraic flux correction is based on inequality constraints which provably provide the desired properties. No free parameters are involved. The proposed algebraic fixes are readily applicable to unstructured meshes, finite element methods, general time discretizations, and steady-state residuals. Numerical studies of explicit entropy-constrained schemes are performed for linear and nonlinear test problems.