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Please help me with this question Innovative Tech Inc. (ITI) uses the percentage of credit sales method to estimate bad debts each month and then

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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 $110,000 and estimated that 3/4 of one percent of those sales would be uncollectible. At its December 31 year-end, total Receivable is $96,500, aged as follows: (1) 1-30 days old, $80,000. (2) 31-90 $12,000; and (3) more than 90 days old $4,500. Experience has shown that for each age group, the average rate of uncollectibility is (1) 12 percent, (2) 24 percent, and (3) percent, respectively. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,850 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 view general journal General Journa Debit Credit Date Nov 30 Bad Debt Expense Allowance for Doubtful Accounts

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