Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year end. During November 2020, IC sold services on account for $116,000 and estimated that of one percent of those sales would be uncollectible. At its December 31 year-end, total Accounts Receivable is $107.000, aged as follows: (01 to 30 days old, $84,000; (2) 31 to 90 days old, S16,300, and (3) more than 90 days old, $6700. Experience has shown that for each age group, the average rate of uncollectibility is (1) 1 percent. (2) 15 percent, and (3) 40 percent, respectively Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $2.680 credit balance at December 31, 2020. Required: 1. Prepare the November 2020 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