JP Samuel Systems, is a software development company that recently reported the following amounts (in thousands) in its unadjusted trial balance as of February 28, 2019. Debits Credits Accounts Receivable $ 989,750 Allowance for Doubtful Accounts $ 5,500 Sales and Service Revenue 5,300,000 Required: 1. Assume JP Samuel uses 1/4 of1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjustingjournal entry required at February 28 for recording Bad Debt Expense. 2. Assume instead that JP Samuel uses the aging of accounts receivable method and estimates that $7,000 (thousand) of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for recording bad debt expense. TIP: The aging of accounts receivable method focuses on calculating what the adjusted Allowance for Doubtful Accounts balance should be. You need to consider the existing balance when determining the adjustment. 3. Assume that the unadjusted balance in JP Samuel's Allowance for Doubtful Accounts at February 28 was a debit balance of $1,400 (thousand). JP Samuel uses the aging of accounts receivable method and estimates that $7,000 (thousand) of Accounts Receivable will be uncollectiblel Prepare the adjusting journal entry required at February 28 for recording bad debt expense. 4. If one ofJP Samuel's customers declared bankruptcy, whatjournal entry would be used to write off its $700 (thousand) balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume JP Samuel uses 1%: of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal entry required at February 28 for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) Show IessA View transaction list View journal entry works heet " February 28, I 1 2019 Bad Debt Expense Allowance for Doubtful Accounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead that JP Samuel uses the aging of accounts receivable method and estimates that $7,000 (thousand) of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for recording bad debt expense. TIP: The aging of accounts receivable method focuses on calculating what the adjusted Allowance for Doubtful Accounts balance should be. You need to consider the existing balance when determining the adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account eld. Enter your answers in whole dollars, rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) Show less A View transaction list View journal entry worksheet 1 February 28, 2019 Bad Debt Expense Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the unadjusted balance in JP Samuel's Allowance for Doubtful Accounts at February 28 was a debit balance of $1,400 (thousand). JP Samuel uses the aging of accounts receivable method and estimates that $7,000 (thousand) of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for recording bad debt expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account eld. Enter your answers in whole dollars, rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) View journal entry worksheet \"6) Show less A 1' February 28, I 1 2019 Bad Debt Expense Allowance for Doubtful Accounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If one of JP Samuel's customers declared bankruptcy, what journal entry would be used to write off its $700 (thousand) balance? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account eld. Enter your answers in whole dollars, rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) View transaction list View journal entry worksheet /' A 1 Allowance for Doubtful Accounts Accounts Receivable