Red Hat, Inc., is a software deve February 29, 2016. company that recently reported the following amounts in its unadjusted trial balance as of $ 948, 000 156,312,000 Required: 1. Assume Red Hat uses 1/2 of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal entry 2. Assume instead that Red Hat uses the aging of accounts receivable method and estimates that $999,000 of Accounts Receivable required at February 29 for recording Bad Debt Expense. will be uncollectible. Prepare the adjusting journal entry required at February 29 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 Red Hat's Allowance for Doubtful Accounts at February 29 was a debit balance of $2,450,000. Red Hat uses the aging of accounts receivable method and estimates that $948,000 of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February 29 for recording bad debt expense. 4. If one of Red Hat's customers declared bankruptcy, what journal entry would be used to write off its $11,000,000 balance? Complete this question by entering your an swars in the tabs below me Red Hat uses 1/2 of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal entry required at February 29 for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry in the f t field.) Journal entry worksheet Journal entry worksheet 29 1 View cord entry n/event, select "No Journal Entry Requi Journal entry worksheet method 29 Clear entry Journal entry worksheet Record the adjusting entry for bad debts as of February 29, using the aging of receivable method Clear entry ield Journal entry worksheet collectible due to bankruptcy. Clear entry