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 $20,000 5,000 4,000 2,500 31,500 Estimate % of Bad Debts 7% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $400 made. Required: Prepare the adjusting entry to record bad debts expense for 2020. SHOW YOUR CALCULATIONS) or the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Save and Submit to save and submit. Click Save All Answers to save all answers