J.T. Traverse Company, is a software development company that recently reported the following amounts (in thousands) in its unadjusted trial balance as of February 28, 2019. Required: 1. Assume J.T. Traverse uses 1/4 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. 2. Assume instead that J.T. Traverse uses the aging of accounts receivable method and estimates that $5,900 (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 J.T. Traverse's Allowance for Doubtful Accounts at February 28 was a debit balance of $1,180 (thousand). J.T. Traverse uses the aging of accounts receivable method and estimates that $5,900 (thousand) of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for recording bad debt expense. 4. If one of J.T. Traverse's customers declared bankruptcy, what journal entry would be used to write off its $590 (thousand) balance? Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits. Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits. Record the adjusting entry for bad debts as of February 29, using the aging of accounts receivable method. Note: Enter debits before credits. Journal entry worksheet Record the write-off of a $590,000 customer account, which is not collectible due to bankruptcy. Note: Enter debits before credits