12 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Current 1-30 days overdue 31-60 days overdue More than 60 days overdue Total Accounts Receivable $40,000 10,000 5,500 1,800 57,300 Estimate % of Bad Debts 1% 5% 10% 20% 2.5 points Save Artsver The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) TLEN LE10 (Mac)