Required: 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 is $80,000, aged as follows: (1) 1 to 30 days old, $65,000; (2) 31 to 90 days old, $12,000; and (3) more than 90 days old, $3,000. 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. 3. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,100 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 balance sheet. I Complete this question by entering your answers in the tabs below. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,100 credit balance at December 31 . Prepare the December 31 adjusting entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) Prepare the November adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No I in the first account field.) Journal entry worksheet Record the adjusting entry for bad debts as of November 30 . Note: Enter debits before credits