Innovative Tech Inc. (ITI) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November, ITI sold services on account for $100,000 and estimated that 1/4 of one percent of those sales would be uncollectible. At its December 31 year-end, total Accounts Receivable is $91,100, aged as follows: (1) 1-30 days old, $76,000; (2) 31-90 days old, $11,000 and (3) more than 90 days old, $4,100. Experience has shown that for each age group, the average rate o uncollectibility is (1) 11 percent, (2) 22 percent, and (3) 44 percent, respectively. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,650 credit balance at December 31. Required: 1. Prepare the November adjusting entry for bad debts. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet O Type here to search 2. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts 1-30 31-90 > 90 Accounts Receivable Estimated Uncollectible (%) Estimated Uncollectible ($) 20.588969424806504 1554307851050 Required 1. Prepare the November adjusting entry for bad debts. (If no entry is required for a transactionlevent select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for bad debts as of November 30 e: Enter debits before credits. General Journal Debit Credit ate Nov 30 Record entry Clear entry y general journal Type here to search DeLL F2 F3 F4 F5 F6 F7 Fe F9 8 7 2 3 4 5 6 Journal entry worksheet Record the adjusting entry for bad debts as of December 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal