value: 2.50 points CP8-1 Recording Accounts Receivable Transactions Using Two Estimation Methods ILO 8-2] The J.T. Traverse Company is well known for its Traverse pens. The company recently reported the following amounts in its unadjusted trial balance as of December 31 Credits Debits 33,191,000 Accounts Receivable Allowance for Doubtful Accounts 957,000 Sales Revenue 160,812,000 Required: 1. & 2. Prepare the adjusting journal entry required at December 31 for recording Bad Debt Expense. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) (i) Assume Traverse uses 1/2 of 1 percent of sales to estimate its bad debt expense for the year. TIP: The percentage of credit sales method directly calculates Bad Debt Expense (ii) Assume instead that Traverse uses the aging of accounts receivable method and estimates that $1,017,000 of Accounts Receivable will be uncollectible. 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 view transaction list U view general journal