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4 30 DOM Innovative Tech Inc. (IT) has been using the percentage of credit sales method to estimate bad debts. During November, IT sold services on account for $120,000 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, I switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $99,800, aged as follows: (1) 1-30 days old, 583,000. (2) 31.90 days old, $12,000, and (3) more than 90 days old, $4,800. The average rate of uncollectibility for each age group is estimated to be (0)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 of year adjusting entry is made the Allowance for Doubtful Accounts has a $2,000 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 00:57:20 Complete this question by entering your answers in the tabs below. Required Required 2 Required Required 4 Prepare the November adjusting entry for bad debts i no entry is required for a transaction/event, select "No Journal Entry Required" in the first accountrield) View transaction list Journal entry worksheet Record the adjusting entry for bad debts as of November 30 Note Oberdeba receta 4 Complete this question by entering your answers in the tabs below. Required 1 30 points 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 in the first account field.) 00:56:53 View transaction list Journal entry worksheet 90 Total 0 Accounts Receivable Estimated Uncollectible (%) Estimated Uncollectible (s) $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 16:32 Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $2,000 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 account field.) View transaction list Journal entry worksheet Record the adjusting entry for bad debts as of December 31. Note: Enter debits before credits General Journal Dobit Credit Date December 31 Record entry Clear entry View general Journal 4. 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 $99,800, aged as follows: (1)1-30 days old, $83.000, (2) 31-90 days old, $12,000, and (3) more than 90 days old, $4800. The average rate of uncollectibility for each age group is estimated to be ( 12 percent (2) 24 percent, and (3) 48 percent, respectively prepare o 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 $2,000 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. 30 points 00 0056 05 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet Innovative Tech Inc. (IT) Balance Sheet (artist) Al December 31

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