4 16 points Innovative Tech Incorporated (ITI) has been using the percentage of credit sales method to estimate bad debts. During November IT sold services on account for $160,000 and estimated that 1/4 of 1 percent of those sales would be uncollectible Required: 1. Prepare the November adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging method. At its December 31 year end, total Accounts Receivable is $80100, aged as follows (1)1 to 30 days old, $66,000 (2) 31 to 90 days old, $11.000; and (3) more than 90 days old, $3,100. The average rate of uncollectibility for each age group is estimated to be (1) 11 percent. (2) 22 percent, and (3) 44 percent respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts 3. Before the end of year adjusting entry is made the Allowance for Doubtful Accounts has a $1150 credit balance at December 31. Prepare the December 31 adjusting entry, 4. Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet cBook References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required a Prepare the November adjusting entry for bad debts (if no entry is required for a transaction/event, select "No Journal Entry R In the first account field.) View transaction list Journal entry worksheet Required 1 Required 2 Required 3 Required 4 4 Prepare the November adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No Journal In the first account field.) 16 points View transaction list Journal entry worksheet BOOK Print References Record the adjusting entry for bad debts as of November 30 Note: Enter debits before credits General Journal Debit Credit Date November 30 Record entry Clear entry View general Journal Mc omework 8 Seved 4 Doubtful Accounts 3. Before the end of year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,150 credit balance at December 31. Prepare the December 31 adjusting entry 4. Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet. Complete this question by entering your answers in the tabs below. .6 Doints Required 1 Required 2 Required Required 4 BOOK Print References Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $80,100, aged as follows: (1) 1 to 30 days old, $66,000; (2) 31 to 90 days old, $11,000, and (3) more than 90 days old, $3,100. The average rate of uncollectibility for each age group is estimated to be (1) 11 percent. (2) 22 percent, and (3) 44 percent, respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts Show less 1 to 30 35 to 90 Over 90 Total 5 0 Accounts Receivable Estimated Uncollectible (96) Estimated Uncollectible ($) $ 0 4 Doubtful Accounts 3. Before the end of year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,150 credit balance at December 31. Prepare the December 31 adjusting entry 4. Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet Complete this question by entering your answers in the tabs below. 16 points Required 1 Required 2 Required Required 4 BOOM Paint Before the end of year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,150 credit balance at December Prepare the December 31 adjusting entry (ir no entry is required for a transaction/event, select "No Journal Entry Required in account field) elence View transaction list Fol Journal entry worksheet Record the adjusting entry for bad debts as of December 31 Note Interests before General Journal Debit Credit Date December 31 ework 8 Help Submit Saved Save & Exit Doubtful Accounts 3. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1.150 credit balance at December 31. Prepare the December 31 adjusting entry. 4. Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet Complete this question by entering your answers in the tabs below. 5 Book Print Required 1 Required 2 Required 3 Required 4 Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet. Innovative Tech Incorporated (ITI) Balance Sheet (partial) At December 31 ferences