4. 16 points Innovative Tech Incorporated (TI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $110.000 and estimated that 12 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 $92,300, aged as follows: (11) 30 days old. $78,000; (2) 31 to 90 days old, $10,000, and (3) more than 90 days old, $4,300. The average rate of uncollectibility for each age group is estimated to be (110 percent. (2) 20 percent, and (3) 40 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 $1,750 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. Print 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 Journal entry worksheet Record the adjusting entry for bad debts x of November 30. Note: Enbar slabit before credits General Journal Debit Credit Date November 30 Record entry Clear entry View general Journal Required Required 2 > 4 Innovative Tech Incorporated (TI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $110,000 and estimated that 12 of 1 percent of those sales would be uncollectible. Required: 16 points 02:50:22 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 $92,300, aged as follows: (1) 1 to 30 days old $78,000; (2) 31 to 90 days old, $10,000, and (3) more than 90 days old, $4,300. The average rate of uncollectibility for each age group is estimated to be (110 percent. (2) 20 percent, and (3) 40 percent, respectively. Prepare a schedule to estimate an appropriate year and balance for the Allowance for Doubtful Accounts 3. Before the end of year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,750 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. Black Complete this question by entering your answers in the tabs below. Prim Required 1 Required 2 Required Required 4 Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $92,300, aged as follows: (1) 1 to 30 days old, $78,000; (2) 31 to 90 days old, $10,000; and (3) more than 90 days old, $4,300. The average rate of uncollectibility for each age group is estimated to be (1) 10 percent, (2) 20 percent, and (3) 40 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 90 Over 50 Total Accounts Receivable $ Estimated Uncollectible Estimated Uncollectible (5) $ 0 Required 1 Required 3 > 4 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 $110,000 and estimated that 12 of 1 percent of those sales would be uncollectible. Required: 16 points 02:50:00 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 $92,300, aged as follows: (01 to 30 days old. $78,000; (2) 31 to 90 days old, $10,000, and (3) more than 90 days old, $4,300. The average rate of uncollectibility for each age group is estimated to be ( 10 percent (2) 20 percent, and (3) 40 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 $1,750 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. Black Complete this question by entering your answers in the tabs below. Print Required i Required 2 Required 3 Required 4 Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,750 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 Journal entry worksheet Record the adjusting entry for bad debts of December 31. Note: Enbar debit before credita. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 4 Innovative Tech Incorporated (TI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $110.000 and estimated that 12 of 1 percent of those sales would be uncollectible. Required: 16 points 02:49:44 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 $92,300, aged as follows: (11) 30 days old. $78,000; (2) 31 to 90 days old, $10,000, and (3) more than 90 days old, $4,300. The average rate of uncollectibility for each age group is estimated to be (110 percent. (2) 20 percent, and (3) 40 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 $1,750 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. Black Complete this question by entering your answers in the tabs below. Print Required: 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 Incorporated (ITI Balance Shest partial Al December 31