Chapter 8 Homework Innovative Tech Inc QT1) has been using the percentage of credit sales method to estimate bad debts. During November, ITI so services on account for $150.000 and estimated that 12 of 1 percent of those sales would be uncollectible. Required 1. Prepare the November adjusting entry for bad debts 10 the aging method. At its December 31 year-end, sotal Accounts Receivable is $83,500, aged as fol (T-30 days old, S70000; (2) 31-90 days old. $10,000; and (3) more than 90 days old, $3.500 The average rate of bimate n agpe grevigi the wano Doutr hl en respectively Pepare a e the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,350 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 for MacBook Air