Twitter Bootstrap 3 navbar collapse button not working in Drupal Panolopoly site fix

As of this writing Drupal Panolopoly (version 7.x-1.30) recommended jQuery version is 1.7. Changing to its higher version, you will encounter some strange behavior in javascript enhanced widgets and menus on your site (still a limitation of Drupal Panolopoly is at most jQuery version is 1.7). However, the Twitter Bootstrap 3 minimum jQuery version is 1.9.0. Having the jQuery version set to 1.7, the only strange behavior I have encountered so far in Bootstrap theme is the navbar collapse button which it is not working.

Efficient way to target the outer HTML element in jQuery

Given the HTML structure below. The goal is to modify the inner text of closest outer div tag with "log" class when an anchor tag is clicked. For example when the anchor tag with content "3a" is clicked, the div tag with "log" class inside the div wrapper with "content-a" class inner text should have a value of "3a clicked".