Answer all of these, please

E8-8 Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging of Accounts Receivable Methods [LO 8-2] Innovative Tech Inc. (ITI) has been using the percentage of credit sales method to estimate bed debts. During November, ITI sold services on account for $100,000 and estimated that h 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 $89,000, aged as follows: (1) 1-30 days old, $75,000. (2) 31-90 days old. $10,000: and (3) more than 90 days old, $4,000. 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 balence for the Allowance for Doubtful Accounts. 3. Before the end-of-year adjusting entry is made, the Allowence for Doubtful Accounts has a $1600 credit balance at December 31. Prepare the December 31 adjusting entry 4. Show how the various accounts releated to accounts receivable should be shown on the December 31 balance sheet Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 4 Required 3 Required 2 Required 1 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.) Credit Debit General Journal Date No 500 Bad Debt Expense November 30 1 500 Allowance for Doubtful Accounts Required 2 Required 2 Required 3 Required 4 Required 1 Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $89,000, aged as follows: (1) 1-30 days old, $75,000; (2) 31-90 days old, $10,000; and (3) more than 90 days old, $4,000. The average rate of uncollectibility for each age group is estimated to be (1) 10 percent, (2) 20 percent, and (3) 40 percent, respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Show lessA > 90 Total 31-90 1-30 10,000 75,000 4,000 89,000 Accounts Recelvable 15 % 40 % 1 x% Estimated Uncollectible (%) 1,600 3,850 Estimated Uncollectible ($) 750x 1,500 Required 3