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Journal entry worksheet Record the adjusting entry for bad debts as of November 30 . Note: Enter debits before credits. E8-8 (Algo) Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging of Accounts Receivable Methods [LO 8-2] Innovative Tech incorporated (III) has been using the percentage of credit sales method to estimate bad debts. Duiting Novernbet, II! sold services on account for $140,000 and estimated that 3/4 of 1 percent of those sales would be uncollectible. Required: 1. Prepare the November adjusting entry for bad debts. aged as follows: (1) 1 to 30 days old, $7,000, (2) 31 to 90 days old, $12,000, and (3) more than 90 days old, $3,600. The average rate of uncollectibitity for each age group is estamaled 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 Aliowance for Doututul Accounts. 3. Before the end-or year adjusting entry is made, the Alowance for Doubtful Accounts has a $1,400 credit batance at December 31 . Prepare the December 31 adjusting entry 4. Show how the variotis accounts telated to accounts recelvable should be shown on the Decembir 31 balance slieet. Complete this question by entering your answers in the tabs below. in the first account fieldi? in Journal entry worksheet Record the adjusting entry for bad debts as of December 31 . Note: Enter debits before credits. Show how the various accounts related to accounts receivable should be shown Starting in December, III switched to using the aging method, At its December 31 year-end, total Accounts Receivable is $86,600, aged as follows: (1) 1 to 30 days old, $71,000;(2)31 to 90 days old, $12,000; and (3) more than 90 days old, $3,600. 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