nnovations Corp (CC) 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 $137,000 and estimated that 1/2 of one percent of those sales would be uncollectible. At its December 31 year-end, total Accounts Recelvable is $123,500, aged as follows: (1) 1 to 30 days old. $92,500; (2) 31 to 90 days old, $21,900; and (3) more than 90 days old, $9,100. Experlence 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 \$3,640 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.) Journal entry worksheet Record the November 2020 adjusting entry for bad debts. Note: Enter debits before crects. 2. Prepare a schedule to estlmate an approprlate year-end balance for the Allowance for Doubtful Accounts