Complete this question by entering your answers in the tabs below. Prepare the November adjusting entry for bad debts, (It no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for bad debts as of November 30 . Noke: Enter debita before coedits. 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 aged as follows: (1) 1 to 30 days old, $71,000;(2)31 to 90 days old, $12,000; and (3) more than 90 days old, $3,600, Th rate of uncollectibility for each age group is estimated to be (1) 12 percent, (2) 24 percent, and (3) 48 percent, respectiv 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 $1,400 credit balance at De Prepare the December 31 adjusting entry. 4. Show how the various accounts related to accounts recelvable should be shown on the December 31 balance sheet. Complete this question by entering your answers in the tabs below. Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $86,600, aged as follows: (1) 1 to 30 days old, $71,000; (2) 31 to 90 days old, $12,000; and (3) more than 90 days old, $3,600. 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. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,400 credit balance at December 31 . account field.? Journal entry worksheet Record the adjusting entry for bad debts as of December 31. Nole: Enter debts before crests. rate of uncollectibility for each age group is estimated to be (1) 12 percent, (2) 24 percent, and (3) 48 percent, respective 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 $1,400 credit balance at De 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. Complete this question by entering your answers in the tabs below. Show how the varlous accounts related to accounts receivable should be shown on the December 31 balance sheet. E8-8 (Algo) Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging of Accounts Receivable Methods [LO 8-2] Innovative Tech Incorporated (1T) has been using the percentage of credit sales mothod to estimate bad debts. During November, ITI sold services on account for $140,000 and estimated that 3/4 of 1 percent of those sales would be uncollectibile. Required: 1. Prepare the Nowember adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging method. At its Decomber 31 year-end, total Accounts Recelvable is $86,600, aged as follows: (1) 1 to 30 days old, $7,000; (2) 31 to 90 days old, $12,000; and (3) more than 90 doys old, $3,600, The overage rate of uncollectiblity for each oge proup 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-ofyear adjusting entry is made, the Allowance for Doubtful Accounts has a $1,400 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 belance sheet. Complete this question by entering your answers in the tabs below. Prepare the November adjusting entry for bad debta. (If no entry is required for a transachorvevent, select "No Joumal Entry ilequired" in the first account fieldi) Journal entry worksheet
