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. Prepare the adjusting journal entry required at December 31 for recording Bad Debt Expense. 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. 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. Assume instead that Traverse uses the aging of accounts receivable method and estimates that $999,000 of Accounts Receivable will be uncollectible and unadjusted balance in Traverse's Allowance for Doubtful Accounts at December 31 was a debit balance of $11,450. Prepare the adjusting journal entry required at December 31 for recording bad debt expense