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 $32,691,000 Credits Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 956,000 160,312,000 Required: 1. & 2. Prepare the adjusting journal entry required at December 31 for recording Bad Debt Expense. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) ) Assume Traverse uses 34of 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 $1,015,000 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