Maps Reading List nment 4 (Ch 8 & 9) i Saved Help Save & Exit Submit Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging O method at year-end. During November 2020, IC sold services on account for $96,000 and estimated that 1/2 of one percent of those sales would be uncollectible. At its December 31 year-end, total Accounts Receivable is $91,000, aged as follows: (1) 1 to 30 days old, $76,000; (2) 31 to 90 days old, $10,700; and (3) more than 90 days old, $4,300. Experience has shown that for each age group, the average rate of uncollectibility is (1) 1 percent, (2) 15 percent, and (3) 40 percent, respectively. Before the end-of- year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,720 credit balance at December 31, 2020. Required: 1. Prepare the November 2020 adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 Nov 30, 2020 Bad debt expense Allowance for doubtful accounts