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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 2014, IC sold services on account for $129,000 and estimated that 12 of one percent of those sales would be uncollectable. At its December 31 year-end, total Accounts Receivable is $117,000, aged as follows: (1) 1 to 30 days old, $89,000; (2) 31 to 90 days old, $19,800; and (3) more than 90 days old, $8,200. Experience has shown that for each age group, the average rate of uncollectability 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 $3,280 credit balance at December 31, 2014. Required: 1. Prepare the November 2014 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 journal entry worksheet No Date General Journal Debit Credit 1 Nov 30, 2014 Bad debt expense 645 Allowance for doubtful accounts 645 2. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Aged Accounts Receivable 1-30 days 31-90 days More than 90 days Estimated balance in allowance for doubtful accounts Estimated Amount Uncollectible $ 890 $ 2,970 $ 3,280 $ 7,140 3. Prepare the December 31, 2014, adjusting entry (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View Journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31, 2014 3,860 Bad debt expense Allowance for doubtful accounts 3,860 4. Show how the various accounts related to accounts receivable should be shown on the December 31, 2014, balance sheet. (Amounts to be deducted should be indicated with minus sign.) Partial Balance sheet at December 31, 2014 Accounts receivable $ Less: Allowance for doubtful accounts $ 117,000 7,140 124,140 Accounts receivable, net of allowance $