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J.T. Traverse Company, is a software development company that recently reported the following amounts (in...

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Accounting

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. Debits Credits Accounts Receivable $ 987,000 Allowance for Doubtful Accounts $ 4,950 Sales and Service Revenue 4,200,000 Required: Assume J.T. Traverse uses 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. 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

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