2 3 points 8 04:42 Innovative Tech Incorporated (TI) has been using the percentage of credit sales method to estimate bad debts. During November sold services on account for $150.000 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 3 year end, total Accounts Receivable is $83.300, aged as follows () 1 to 30 days old $68,000,(2) 31 to 90 days old, $12.000, and more than 90 days old, $3,300. 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 of year adjusting entry is made the Allowance for Doubtful Accounts has a $1250 credit balance of 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 eBook 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. (If no entry is required for a transaction/event, select "No Journal Entry Required in the fut account field) Wences View transaction list Journal entry worksheet Record the adjusting entry for bad debts as of November 30, terbit bore credit General Journal Debt Data November 30 Credit Record entry Clear entry View general Journal 2 3 points 8 44 Innovative Tech Incorporated (IT has been using the percentage of credit sales method to estimate bad debts. During November IT sold services on account for $150.000 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 $83,300, aged as follows (1) 1to 30 days old, $68,000 (2) 31 to 90 days old, $12,000, and (3) more than 90 days old. $3,300 The average rate of uncollectibility for each age group is estimated to be (t) 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 $1.250 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 Book Complete this question by entering your answers in the tabs below. Pet Required 1 Iso 2 Required 3 Required 4 Reference Starting in December, I switched to using the aging method. At its December 31 year end, total Accounts Receivable is $83,300 aged as follows: (1) 1 to 30 days old, $68,000; (2) 31 to 90 days old, 512,000, and (3) more than 90 days old, 53,300. 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 1 to 30 31 to 10 Over 90 Total Accounts Receivable Estimated Uncollectible) Estimated Uncollectible (5) 2 3 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 $150,000 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 $83,300, aged as follows. (t) 1 to 30 days old, $68,000, (2) 31 to 90 days old, $12,000, and (3) more than 90 days old. $3,300 The average rate of uncollectibility for each age group is estimated to be () 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 $1.250 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 Boo Complete this question by entering your answers in the tabs below. Pent Derence Required 1 Requred2 Required Required Before the end of year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,250 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 hield.) View transactions Journal entry worksheet Record the adjusting entry for bad debts as of December 31 Note: Entert before credits Date December 31 General Journal Debit Credit Racord entry Clear entry View general journal 2 3 points 8 10:39 Innovative Tech Incorporated T) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $150,000 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 IT switched to using the aging method At its December 31 year end, total Accounts Receivable is $83,300. aged as follows (1) 1 to 30 days old $68,000,(2) 31 10 90 days old, $12,000, and (3) more than 90 days old, $3,300 The overage rate of uncollectibility for each age group is estimated to be (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 modo, the Allowance for Doubtful Accounts has a $1250 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 BOR Hire Complete this question by entering your answers in the tabs below. Requred 1 Required 2 Stegured) Regude Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet. Innovative Tech Incorporated Balance Sheet(para) At December 31