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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 $100,000 and estimated that 3/4 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 $93.200. aged as follows: (0)1 to 30 days old, $77,000 (2) 31 to 90 days old, $12,000, and (3) more than 90 days old, 54,200. The average rate of uncollectibility for each age group is estimated to be (1) 12 percent. (2) 24 percent, and (3) 48 percent respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts 3. Before the end-ofyear adjusting entry is made the Allowance for Doubtful Accounts has a $1700 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. Required 1 Required 2 Required 3 Required 4 Prepare the November adjusting entry for bad debts. (If no antry is required for a transaction/event, select "No Journal Entry Required In the first account field.) View transaction list View journal entry worksheet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the November 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 No Debit Credit Date November 30 1 General Journal Bad Debt Expense Allowance for Doubtful Accounts Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $93,200, aged as follows: (1) 1 to 30 days old, $77,000; (2) 31 to 90 days old, $12,000; and (3) more than 90 days old, $4,200. The average rate of uncollectibility for each age group is estimated to be (1) 12 percent, (2) 24 percent, and (3) 48 percent, respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Show less Total 93.200 $ Accounts Receivable Estimated Uncollectible (%) Estimated Uncollectible ($) 1 to 30 31 to 90 Over 90 77,000 $ 12,000 $ 4.2005 12 24 48 9.240 5 2.880 s 201615 $ 14, 136 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,700 credit balance at December 31. Prepare the December 31 adjusting entry. (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 No Date General Journal December 31 Bad Debt Expense Allowance for Doubtful Accounts Debit Credit 1 Required 2 Required 4 > Complete this question by entering your answers in the tabs below. 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 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable Net of Allowance