1 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Accounts Receivable Current $20,000 1-30 days overdue 5,000 31-60 days overdue 4,000 More than 60 days 2.500 overdue Total 31.500 Estimate % of Bad Debts 1% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $400, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)