1a.

1b.

General Journal Entry Worksheet Options to Choose:

-No Journal Entry Required

-Accounts Payable

-Accounts Receivable

-Accumulated Depreciation

-Advertising Expense

-Allowance for Doubtful Accounts

-Bad Debt Expense

-Buildings

-Cash

-Contributed Capital

-Cost of Goods Sold

-Delivery Expense

-Depreciation Expense

-Dividends (Declared)

-Dividends Payable

-Equipment

-Income Tax Expense

-Income Tax Payable

-Insurance Expense

-Interest Expense

-Interest Payable

-Interest Receivable

-Interest Revenue

-Inventory

-Land

-Legal Expense

-Notes Payable (long-term)

-Notes Payable (short-term)

-Notes Receivable

-Office Expenses

-Operating Expenses

-Other Current Assets

-Other Current Liabilities

-Other Expenses

-Other Noncurrent Assets

-Other Noncurrent Liabilities

-Other Revenue

-Prepaid Insurance

-Prepaid Rent

-Purchases

-Rent Expense

-Rent Payable

-Rent Revenue

-Repairs and Maintenance Expense

-Retained Earnings

-Salaries and Wages Expense

-Salaries Payable

-Sales Discounts

-Sales Returns and Allowances

-Sales Revenue

-Selling, General and Administrative Expense

-Supplies

-Supplies Expense

-Travel Expense

-Unearned Revenue

-Utilities Expense

-Wages Payable

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 Debits $ 28,691,000 Credits Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $948,000 156,312,000 Required 1. & 2. Prepare the adjusting journal entry required at December 31 for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) () 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 sume T raverse uses (ii) Assume instead that Traverse uses the aging of accounts receivable method and estimates that $999,000 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 view general journal Journal Entry Worksheet Record the entry for bad debt expenses under the percentage of credit sales method Date General Journal Debit Credit December 31 Enter debits before credits done clear entry record entry